USDCAD 4 HOUR CHART – WAITING FOR THE BOC
IN a week with a light economic calendar, the BoC deciion will be a key focus.
As posted in our Weekly FX Chart Outlook
Trend: Up but below major level (1.3946)
The question for the CAD is how much an expected 50bps BoC rate cut on Wednesday is discounted.
Look for aa bid on dips ahead of the BoC where 1.38 will dictate the tone afterwards.
To expose the major 1.3946 level, 1.3838-50 would need to be firmly broken.