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).

Be sure to follow me on Twitter at @jdtai and on TradingView at Jin_LCMSTraders for my latest post!


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By Jin Dao Tai

JinDao Tai is an Entrepreneur, Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.

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