Central Bankers are certainly the focus of the week and later today all the attention will be on the BOC as they release their interest rate decision.

Since the middle of 2017, the BOC has raised rates on three occasions. However, this time around, traders are expecting no change to the current rate of 1.25%.

As such, most of the attention will fall onto the accompanying statement. To see if there is any scope for further rises.

Technical Outlook

The USD/CAD had a rough day yesterday, as the commodity currencies across the board found their feet.

At the moment the Loonie is testing a high resistance turned support level at 1.2900. If we can hold above it then there might be some more buying interest ahead.

I’m betting that we aren’t going to be able to hold these levels and that there will be further declines ahead. There are a few fundamental issues on the radar at the moment surrounding trade that will likely shape the direction of price, should we get nothing new from the BOC.

USD/CAD- 240 min Chart.