The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The Bank of Canada announces no changes to its interest rate, USD/CAD rises.
:red_circle: During today's meeting, the Bank of Canada kept its interest rate unchanged at 1.75%. At the same time, the bank commented that economic data comes in line with the projections. However, the market anticipated more hawkish tone. As a result, the Canadian dollar weakened. USD/CAD has tested last January's levels above the resistance zone at 1.3506. The next resistance lies at 1.3576. Bears need to pull the price below the 1.3506 level to the support at 1.3429 to confirm their strength.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.