USDCAD defines close levels ahead of the BOC decision.

Technical Analysis

Author: Greg Michalowski | usdcad

The ups and downs maker for lots of levels

The BOC decision is in a few minutes and that means the USDCAD can move around depending on the bias. 

Technically, the pair has been moving up and down in the near term which gives traders a lot of levels to get through on the topside or downside.  What trader hope is a break and run because of some definitive bias. 

ON the topside a trend line stalled the rally today. The market is near that level going into the decision. A move above would look toward the recent swing highs with 1.33167 the next target followed by Friday's and last week's highs.

On the downside, the 1.32648 to 1.3231 has a number of technical levels including the 50%, the 100 and 200 hour MA and a trend line going back to the low from October 16 (not shown).

Then again, it could waffle in the current area. 

Good luck..

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