After the largest decline this year, USD / CAD trade is close to the month’s trendy resistance. An immediate catalyst for price movement can be the current monetary policy meeting of the Bank of Canada (BOC). Although the central bank is not expected at today’s meeting to change policy, a doved tone for further reductions in future may propel prices into a monthly downward trend near 1,3515, with a break from January upward to around 1,3565/70. In case prices run beyond 1,3570, bulls may be lured by the 1,3665 mark.
In the downside break of the 1.3430 level, 1,3410, whereas 1,3360 and 1,3340 could be used by the sellers. If you rule at all, then 1.3270 could become your favorite one.