USDCAD trades higher into rate decision

Technical Analysis

Author: Greg Michalowski | usdcad

Oil tumbling. Stocks falling also in play of course

The BOC is expected to keep rates unchanged at their interest rate decision at 10 PM ET/1400 GMT.  Of course, there are plenty of other things going on with equities moving lower and crude oil also tumbling ($-2 or -5.08% to $37.57).  

Oil tumbling. Stocks falling also in play of course
Technically, looking at the daily chart, the price has moved above a swing area at 1.3246 to 1.3265.  The price has also traded above a downward sloping trendline at 1.3275. Watch the swing area for support a move below would take some steam out of the upward move today

Drilling to the 4 hour chart below, the price high today did extend briefly above the 61.8% retracement of the move down from the September 30 high comes in at 1.32899. Getting above that level and staying above would have traders looking toward the 1.3323 to 1.3339 area. The 50% retracement of the move down from the recent swing high comes in at 1.32499. That is near the lower swing area off the daily chart at 1.3246. Move below both would focus on the 200 bar moving average on the 4 hour chart at 1.3230 and then toward the 1.3210 area.

USDCAD on the hourly chart
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