ByJin Dao Tai
JUN 9, 2021
Overall, USD/CAD is ranging across.
The Bank of Canada (BoC) will be announcing their monetary policy decision later at 2200 (GMT+8). It is expected that the central bank will be holding interest rate at 0.25% while making no changes to quantitative easing (QE) since it had just cut back on QE during their previous meeting. Nonetheless, pay attention to the BoC’s view on the recent lockdown and whether it is still looking at further QE tapering.
Currently, USD/CAD is moving towards the resistance zone of 1.21000 and the next support zone is at 1.19000.
Look for short-term selling opportunities of USD/CAD.
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