Forex: USD/CAD trading positively at 1.0240/42

FXstreet.com (Barcelona) - The USD/CAD has jumped out of the hates early during European trading, ahead of the BoC decision later today. In these moments the cross is positive and recording an advance of +0.32%, whilst settling at 1.0240/42.

According to the ICN.com analyst team, the USD/CAD will encounter resistance at 1.0260, then 1.0295, and finally 1.0310. Conversely, a movement lower will initiate supports at 1.0215, followed by 1.0205, and ultimately 1.0185.

The Bank of Canada decision on Wednesday could prove to be one of the most decisive for the currency in recent memory. According to Research Analyst Gareth Berry at UBS, “The weakness in data driven by correcting domestic imbalances has intensified of late, and although the market is looking for policy rates to remain unchanged, we see a strong chance that whatever is left of the central bank's tightening bias will be swept away in entirety.”