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USD/CAD is currently in a bearish bias after breaking below the event level of 1.3600. Today is a very important day for CAD as the Bank of Canada will announce its rate decision along with the BOC statement. The overnight rate is expected to be unchanged at 0.50%. On the USD side, today we have the existing home sales report which is expected to decrease to 5.65M versus the previous reading of 5.71M. Furthermore, the crude oil inventories report is also scheduled for release. It is expected to show a greater deficit at -2.4M which previously was at -1.8M. Today we will observe a good amount of volatility in the USD/CAD pair due to high impact economic events. USD is currently weaker against CAD and a spike is expected today on the USD side before further gain on the CAD side today.
Now let us look at the technical view. As the price broken below 1.3600 level last week, bulls are currently showing some pressure on this pair. It is expected that the price will move towards 1.3600. If the price rejects this level, then further bearish move is expected with a target towards 1.3260 support level. As today we have good number of high-impact news on the CAD side, a good amount of volatility is expected where a daily close or rejection off the 1.3600 will be considered a safe signal to trade in this pair.
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