The Bank of Canada is expected to keep rates unchanged with the hope that slower growth leads to lower inflation. The USDCAD is higher going into the announcement with the high from October at 1.3783 the next target. Above that traders will look toward the swing area between 1.3807 and 1.38614 on the daily chart. The 1.38614 is the high for 2023.
If the central bank biases more hawkish, moving below the rising 100-hour moving average at 1.3713 would be a key level to get to and through if the sellers are to take more control.
In this video, I talk about the key levels in play that will help define the bias, the risk, and the targets through the key rate decision.
This article was written by Greg Michalowski at www.forexlive.com. Source