Expected to hike to 1.5% from 1.25%. Will it be a dovish hike?

The Bank of Canada is widely expected to hike by 0.25% at the top of the hour. What do they signal going forward will be the focus.

The USDCAD has moved between the 100 and 200 hour MAs. The 100 hour MA is at 1.3119. The 200 hour MA is at 1.3141. The price trades at 1.3133 - between those goal posts. A move above or below will be eyed for the next bias.

A move lower will look toward the recent swing lows. The low on Monday reached 1.3065. PS there is a trend line on the daily at 1.3046 area. Those are targets now for the pair.

A move higher will look toward the 38.2% of the move down from the June 27 high at 1.3187. The 50% is up at 1.32251.