FXStreet (Mumbai) – The USD/CAD was offered once again around 1.2440 ahead of the Bank of Canada rate decision due later today.
USD/CAD trades at 100-DMA
The pair currently trades at its 100-DMA located at 1.2411 levels. The Bank of Canada is widely expected to keep rates on hold today. The central bank cut its rate by a quarter percentage point to 0.75% on Jan. 21, a surprise move meant as “insurance” against the potential impact of the sharp drop in oil prices.
Ahead of the rate decision, the pair is likely to be influenced by the market’s appetite for the US dollars and the movement in the Crude prices.
USD/CAD Technical Levels
The immediate resistance is seen at 1.2440-1.2450, above which gains could be extended to 1.2483. On the flip side, a break below 1.2375 could push the pair down to 1.2304.
(Market News Provided by FXstreet)