Overall, USD/CAD is trending downwards. Recently, USD/CAD traded into the support zone of 1.26100.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2300 (GMT+8). With the ever-rising inflation in Canada, the central bank may increase interest rate by 0.25% in an attempt to tame inflation.
A press conference will be held at 0000 (GMT+8). During this time, there may be volatility in CAD.
Currently, USD/CAD is testing the support zone of 1.26100 and its next resistance zone is at 1.29200.
If USD/CAD bounces off the support zone of 1.26100, look for short-term buying opportunities of USD/CAD up until the Bank of Canada announcement at 2300 (GMT+8).
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