USD/CAD lower ahead of the BoC
USD/CAD dropped from the daily high of 1.0540 to 1.0480 ahead of Bank of Canada's policy meeting at 14:00 GMT. Yesterday the USD bulls once again tried to push higher, but were stopped by the 1.0560 resistance.
The Bank of Canada is widely expected to keep its overnight rate steady at 1.00%, but will likely express concerns about recent soft Canadian economic indicators and the health of the global economy impacting Canada. It is quite possible that the BoC Governor Poloz becomes more cautious after having already negated all the regulator's hawkishness on the previous meeting.
Support: 1.0480/70, 1.0450, 1.0400
Resistance: 1.0500/10, 1.0540, 1.0560, 1.0600/10
Chart. H4 USD/CAD