The Bank of Canada will release minutes from its policy-setting meeting this week. Data released Friday revealed that Canadian retail sales dipped by 0.1% in November. Canada’s sales probably increased by 0.5% in December. Today’s USD/CAD outlook is bearish as the Canadian dollar strengthens. The Bank of Canada will release minutes from its policy-setting meeting this week, the first in its history. According to some analysts, this will help regain the trust lost due to last year’s high inflation and promote creative thinking. –Are you interested to learn more about Forex apps? Check our detailed guide- The Bank of Canada’s 2% objective was exceeded in June as annual inflation soared to 8.1%, the highest level in 39 years. Inflation dropped to 6.3% in December. Most analysts anticipate another quarter-point rate hike to 4.5% when the six-member governor council gathers on Wednesday. The BoC started raising rates in March when its benchmark interest rate was 0.25%. The meeting’s so-called “summary deliberations” will be released on February 8. The BoC announced in September that it would release minutes to increase transparency, as the International Monetary Fund advised. In addition to other recent data on jobs and prices that point to another interest rate next week, data released on Friday revealed that Canadian retail sales dipped 0.1% in November from the prior month before rebounding in December. The monthly sales decline for November was lower than the 0.5% decline predicted by analysts. Sales probably increased by 0.5% in December, according to Statscan’s flash estimate. According to Shelly Kaushik, an economist at BMO Capital Markets, the optimistic estimate for December “suggests sales recovered… as Canadian consumers continue to be resilient in the face of harsh rate hikes.” USD/CAD key events today There won’t be any key economic releases from the US or Canada today. Therefore, the price will likely consolidate. Get FREE Forex Signals Now! USD/CAD technical outlook: Bears are up against the 1.3351 support The 4-hour chart shows the price trading below the 30-SMA after breaking below the 1.3425 support. The RSI also broke below the 50 mark, suggesting momentum favors bears. The price is currently at the 1.3351 support. –Are you interested to learn more about STP brokers? Check our detailed guide- If bears can break below this support level, we might see the price falling to the next support at 1.3300. However, if the support at 1.3351 holds strong, we might see bulls return to retest the 30-SMA before the downtrend continues. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next Gold Price Challenges $1,920 as USD Attempts Recovery Olimpiu Tuns 3 days The Bank of Canada will release minutes from its policy-setting meeting this week. Data released Friday revealed that Canadian retail sales dipped by 0.1% in November. Canada’s sales probably increased by 0.5% in December. Today’s USD/CAD outlook is bearish as the Canadian dollar strengthens. The Bank of Canada will release minutes from its policy-setting meeting this week, the first in its history. According to some analysts, this will help regain the trust lost due to last year's high inflation and promote creative thinking. -Are you interested to learn more about Forex apps? Check our detailed guide- The Bank of Canada's… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.