Overall, USD/CAD is ranging across. Recently, USD/CAD broke above the key level of 1.27.
The Canadian GDP m/m data (Actual: 0.0%, Forecast: 0.0%, Previous: 0.6%) released yesterday indicated no change in economic growth during last December.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. With inflation in Canada rising to a 30-year high level of 5.1%, it is possible that the BoC may be hiking interest rate by 0.50%. If so, CAD may receive a strong boost.
USD/CAD’s next support zone is at 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.
The Canadian GDP m/m data (Actual: 0.0%, Forecast: 0.0%, Previous: 0.6%) released yesterday indicated no change in economic growth during last December.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. With inflation in Canada rising to a 30-year high level of 5.1%, it is possible that the BoC may be hiking interest rate by 0.50%. If so, CAD may receive a strong boost.
USD/CAD’s next support zone is at 1.26100 and its next resistance zone is at 1.29200. Look for short-term buying opportunities of USD/CAD.