The BoC is expected to keep rates unchanged at 2.75% today. As a reminder, the BoC cut interest rates by 25 basis points to 2.75% as expected at the last meeting amid concerns over weaker growth ahead due to the trade uncertainty and US tariffs. The central bank emphasized a cautious approach to future decisions, balancing the upward pressure on inflation against the downward pressure on weaker demand.
The market sees a 57% probability of no change today and a total of 50 bps of easing by year-end. There are good chances that the BoC cuts by 25 bps though following yesterday's softer than expected Canadian CPI figures.
USDCAD Technical Analysis - Daily Timeframe
USDCAD Technical Analysis - 4 hour Timeframe
USDCAD Technical Analysis - 1 hour Timeframe
On the 1 hour chart, we can see that the price is bouncing from a minor support zone around the 1.39 handle. On an intraday basis, buyers could split the position between the support and the counter-trendline targeting the 1.41 handle. The sellers, on the other hand, will likely pile in at every break to the downside.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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