A couple of big events ahead could send the USDCAD running. The bear has been trading above the 100-day moving average and 50% midpoint near the 1.3538. That level is the key barometer on the downside. Move below it and the bias tilts more to the downside. On the top side, there is a double top from last weekend this week at 1.36049. Get above that level, and traders would look toward a swing area and 61.8% retracement between 1.3614 and 1.36268.
Traders prepare for BOC rate decision and Chair Powell. What USDCAD levels are play?
- Fed's Powell testifies on Capitol Hill. Bank of Canada right decision at 9:45 AM.
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