No change expected..
The USD is higher today and that as also helped the USDCAD move higher, but it is up only about 0.10% on the day. Yesterday was a bigger move higher for the pair. The move higher yesterday moved above the 100 day MA at the 1.32759 level today. It also moved above the 50% of the move down from the December 28 high (see chart below) at the 1.3282 level. That was the low price in trading today.
The BOC rate statement is due at 10 AM with no change expected. If the CAD is to get stronger on the comments, that 1.3279-82 area will be a bearish clue for the pair. The price needs to get below and stay below to turn around some of the bullishness seen in trading from yesterday and today.
On the upside (more dovish statement), the 1.33569 is the 61.8% of the same move lower (from the Dec 28 high). A move above that level will be more bullish with the Jan 20 high of 1.3387 the next target.