USDCAD moves lower ahead of the BOC rate decision

Technical Analysis

Author: Greg Michalowski | usdcad

No change is expected

The USDCAD is moving lower on the back of the weaker USD after dovish comments from Chair Powell, and higher oil prices. The Bank of Canada rate decision will be released with expectations for no change at 1.75%.  BOC Poloz will hold a press conference at 10:15 AM ET.  

Technically, the pair is below the 100 and 200 hour MAs at 1.30908-948 (blue and green lines). staying below keeps the bears in control. Move above swings the bias more to the upside. 

No change is expected

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