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USD/CAD is testing a technical support ahead of the Bank of Canada’s (BOC) monetary policy decision!
I don’t know if you noticed but USD/CAD has been having a good December so far, climbing from its 1.3480 lows to reach its current levels just under the 1.3600 mark.
And why not? A bit of profit-taking from November’s anti-USD vibes and doubts on the OPEC+ gang’s ability to “rebalance” the oil markets amidst lower growth prospects have pushed the U.S. dollar higher and the oil-related CAD lower.
Today’s BOC policy decision could make or break USD/CAD’s December uptrend.
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