USDCAD trades near 11 day consolidation lows ahead of rate decision

Technical Analysis

Author: Greg Michalowski | usdcad

The USDCAD has been in a 74 pip range 

The USDCAD is going into the rate decision at the top of the hour nearer the 11 day consolidation low.

The USDCAD has been in a 74 pip range 

Looking at the hourly chart, the pair has been in a 74 pip trading range over the last 11 trading days. The low price came in at 1.3253. The high was up at 1.3327.  We currently trade at 1.3268.  

The moved to the downside today has taken the price away from its 100 and 200 hour moving averages at 1.3290 and also below its 200 day moving average at 1.3278.  If the pair is going higher, those levels need to be rebroken to the upside. Stay below is more bearish.  On the downside a move through the 1.3253 would next target the 61.8% retracement at 1.32413 followed by the 100 day moving average at 1.32244.  Moves back below the 100 day moving average would be more bearish for the pair.  

The Bank of Canada is expected to keep rates unchanged at 1.75%.   The market will be focused on expectations for 2020.
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