Ahead of the BOC Meeting Results, What Are the Expectations for the USD/CAD Movement?

<p>&nbsp;The Loonie currency will be trading at risk ahead of the decision of the central bank of Canada (BOC) policy meeting today (Wednesday), in the New York session at 10.45pm local time.</p><p><br /></p><p>Interest rates are expected to remain unchanged for the latest and first meeting for the opening of 2024.</p><p><br /></p><p>If observed, the interest rate has remained at 5.00% since it was raised at the July meeting last year, meaning the BOC has maintained it for 3 consecutive meetings.</p><p><br /></p><p>However, what is of more concern is the speech that will be delivered by governor Philip Lowe regarding monetary policy whether monetary policy easing will begin or otherwise.</p><p><br /></p><p>Any indication will have an impact on the price movement on the chart of the USD/CAD currency pair.</p><p><br /></p><p>Looking at the chart, a bearish pattern was displayed at the close of last week's trade after a 5-week high was reached around 1.35400.</p><p><br /></p><p>At the beginning of this week, the price showed an increase again from the 1.34200 level before the price leveled off yesterday under the 1.35000 zone.</p><p><br /></p><p><br /></p><p>In the Asian session this morning, the price showed a slow rise from the 1.34600 level and hovered above the Moving Average 50 (MA50) support line on the 1-hour time frame on the USD/CAD chart for a still bullish signal for the price.</p><p><br /></p><p>If the rise continues, the price will test the resistance of 1.35000 and if it is broken, the high of last week will try to be challenged.</p><p><br /></p><p>Next, a move higher will be targeted at 1.36000 if a bullish move is successfully exhibited for the price to record a recent 6-week high.</p><p><br /></p><p>However, if the results of tonight's meeting pressure the price to fall lower, the 1.34000 zone is seen to be the focus area for the price to show reaction.</p><p><br /></p><p>If it still breaks down, the price can aim for a lower dive towards around 1.33000.</p>