Bank of Canada Rate Decision: USDCAD stays steady. Traders await the next break. | Forexlive

We are waiting….

The Bank of Canada’s recent rate decision has not significantly impacted the price movement in either direction. On the downside, the key level to watch is the 100-hour moving average, currently at 1.35497. A breach below this point could lead traders to aim for the 200-day moving average, located at 1.35156.

Conversely, on the upside, the immediate targets are the 100-day moving average at 1.35738 and the falling 200-hour moving average at 1.3577. Overcoming these levels could enhance the bullish sentiment, with the next focus being the 38.2% retracement of the downward movement from the November 10 high, which stands at 1.36224.

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• Source: https://www.forexlive.com/technical-analysis/bank-of-canada-rate-decision-usdcad-stays-steady-traders-await-the-next-break-20231206/