Technical levels in play through the BOC decision

No change expected

The Bank of Canada rate decision will be at the top of the hour. No changes is expected.  

What technical levels are in play?

Looking at the hourly chart above, the pair today moved up to test the swing highs from August 27 at 1.2708 and found sellers. That level was also just short of the 50% midpoint of the move down from the August 20 high.  If the price moves above those levels, it adds to the bullish tilt.

On the downside, traders will be eyeing the swing area between 1.2638 and 1.2652 as a potential support level. Move below with momentum and we should see a rotation back toward the 200 hour MA at 1.25926 (with 1.2600 as an interim target). 

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September 09, 2021 at 01:56AM
Greg Michalowski
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