Bank of Canada Interest Rate decision today at 9:00

Written March 2, 2010 at 8:08 AM EST by  

After prior interest rate decisions, the BOC has said that they would keep rates on hold through the 2nd quarter.  We are in March so I would expect them to be true to their word this time as well despite the 5% GDP increase in the 4th quarter released yesterday.  

gregmike-00662

From a technical perspective the USDCAD has moved below the 104.05-15 support level (see prior post) and trading at the lowest level since January 20th.  Look for support at the 103.26 level where the bottom side trendline is found.   The low has reached 1.0338  and has bounced.   Watch this value through the announcement.

On the topside, the 1.0380 level and then the 1.0405-15 level become key levels once again.

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