USD/CAD fails to hold onto recovery gains. WTI pullback, risk reset in Asia confronts increasing odds of the BOC’s rate cut. US data, coronavirus headlines will also be important to follow. USD/CAD declines 0.17% to 1.3348 amid the initial trading hours on Wednesday. While increasing odds of the BOC’s rate cut, following the Fed’s shock announcement, favored the pair on Tuesday, the latest recovery in WTI and risk reset in Asia seem to have exerted downside pressure. The Loonie traders will pay close attention to today’s BOC meeting amid global drives to tame the side effects of the coronavirus (COVID-19). While Canadian economics haven’t been impressive following upbeat comments from the BOC’s Poloz, the latest surprise 0.50% rate cut from the US Federal Reserve is likely the key driver to push investors towards expecting a rate cut after today’s BOC meeting. “In Canada’s case, markets have now fully priced in a rate cut for March, and with recent developments, we believe that the cost of disappointing the market would be unpalatably high for the BoC. Although their preference may be to wait until they have a full forecast in hand to act, we now believe that the BoC will cut rates by 25 bps at tomorrow’s meeting,” said TD Securities in this regard. Also favoring the pair’s pullback is oil’s recovery as well as the positive performance of Asian equities. By the time of writing, the WTI pierces $48.00 with more than 1.0% gains whereas stocks in Asia are also mostly positive. The US 10-year treasury yields seesaw near 0.984%, down three basis points following its earlier drop to the record low of 0.901%. Other than the BOC, for which overall consensus is of no rate change, the US ISM Non-Manufacturing PMI as well as coronavirus (COVID-19) headlines will also be the keys to follow. Technical Analysis Sellers will wait for the pair’s sustained declines below 1.3315 to take aim at the ascending trend line since January 07, 2020, at 1.3260 now. Alternatively, 1.3380, 1.3400 and 1.3430 question the pair’s short-term advances. 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. View All Post By FX Street FXStreet News share Read Next Fitch: G7 nations have little room to respond to coronavirus FX Street 3 years USD/CAD fails to hold onto recovery gains. WTI pullback, risk reset in Asia confronts increasing odds of the BOC’s rate cut. US data, coronavirus headlines will also be important to follow. USD/CAD declines 0.17% to 1.3348 amid the initial trading hours on Wednesday. While increasing odds of the BOC’s rate cut, following the Fed’s shock announcement, favored the pair on Tuesday, the latest recovery in WTI and risk reset in Asia seem to have exerted downside pressure. The Loonie traders will pay close attention to today’s BOC meeting amid global drives to tame the side effects of the coronavirus (COVID-19).… 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.