Home USD/CAD Price Analysis: Holds above 200-hour SMA pivotal point ahead of BoC
FXStreet News

USD/CAD Price Analysis: Holds above 200-hour SMA pivotal point ahead of BoC

  • USD/CAD meets with some fresh supply near 1.3400 mark on Wednesday.
  • The downside remains cushioned ahead of BoC monetary policy decision.

The USD/CAD pair failed to capitalize on the overnight positive move and met with some fresh supply in the vicinity of the 1.3400 round-figure mark on Wednesday.

The recent pullback from nine-month tops has been finding some dip-buying near 200-hour SMA, which should now act as an important pivotal point for short-term traders.

The mentioned support is closely followed by the 1.3320-15 horizontal support and the 1.3300 mark, which if broken might be seen as a key trigger for bearish traders.

Meanwhile, technical indicators on hourly charts have just started drifting into the negative territory, albeit have still managed to hold with a bullish bias on the daily chart.

The set-up warrants some caution before placing any aggressive bets as investors look forward to the highly anticipated BoC monetary policy decision for a fresh directional impetus.

USD/CAD 1-hourly chart

fxsoriginal

Technical levels to watch

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.