Eyes on Bank of Canada's decision today
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H4 chart
D1 chart
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly. Moreover, the bank is likely to keep the forward guidance unchanged, while delaying the 2nd round of tapering until July. Our USD/CAD longs from 1.2060 are already in profit and it would be wise to move the stop to entry ahead of the decision to protect the current positions from any possible loss. On the upside view, the technical indicators are improving gradually, while we maintain our target for the current positions at 1.2145 followed by 1.22.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1.2008 | 1.2054 | 1.2082 | 1.2100 | 1.2128 | 1.2146 | 1.2192 |