FXStreet (Edinburgh) - The greenback is picking up pace vs. its Canadian neighbour on Wednesday, lifting USD/CAD to daily tops in the 1.3220/30 band so far.
USD/CAD focus on BoC
After dipping to the 1.3180 region overnight, spot has managed to gather traction and recover the 1.3200 mark and advancing further. In the meantime, the pair keeps reverting yesterday’s deep pullback, while market participants has turned their focus on today’s BoC meeting.
Prior surveys expect the central bank to keep its benchmark rate unchanged at 0.5%, while there won’t be an updated Monetary Policy Report (MPR) or press conference by Governor S.Poloz.
USD/CAD levels to consider
At the moment the pair is up 0.17% at 1.3231 and a break above 1.3310 (high Sep.8) would open the door to 1.3327 (high Aug.31) and finally 1.3343 (high Aug.26). On the other hand, the immediate support aligns at 1.3176 (low Sep.9) followed by 1.3162 (low Sep.4) and then 1.3116 (low Aug.31).
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