MPR will also be released
The BOC will keep rates unchanged. The MPR forecasts will also be released. The expectations are that GDP is to moved lower while inflation estimates are about the same.
Technically, the USDCAD yesterday stalled near the Sept/Oct lows and the 50% of the move up from the 2016 low (see yellow area in the chart above).
The rally higher today was able to move above the 200 day MA at 1.3095 but stalled at the 100 hour MA at 1.3116 (blue line in the chart below). The pair is trading below those topside levels. If the price is to go higher a move above (and staying above) those resistance levels will be eyed.
On the downside, the trend line on the hourly at 1.3056 and then the 50% level at 1.3029 area the key levels to get bellow (and stay below) for further downside potential. We trade in between those two extremes as the market hedges its bets.
