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..

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose