The 100 hour MA is at 1.3370. The 200 hour MA is at 1.3329
The USDCAD is trading between its 100 and 200 hour moving averages ahead of the interest rate decision at 10 PM ET. The markets are pricing in a 60% chance of a 50 basis point cut. A 25 basis point cut is fully priced in. With the chance of 50 not quite fully priced in, it leaves the potential for a run after the release.
The price action will tell the story (hopefully), but there is always the chance for snap back moves on a lot of things (especially in these volatile markets).
On the downside a break of that 200 hour moving average would next target the 61.8% retracement of the move up from the February 21 low at 1.33017. That is close to swing highs going back to February 24, February 25 and February 26 (look for a break of 1.3300)
On the topside, the swing highs from yesterday at 1.3390 and on Monday (New York session) at 1.33953 are upside targets to be broken and stay broken if the buyers are to take more him him himcontrol.
