Forex technical analysis: USDCAD positions between MA levels

Decision at 10 AM ET

The USDCAD has pushed above the 200 hour MA (green line in the chart below) and that has led to a scoot higher toward the 100 hour MA (blue line in the chart below). The BOC interest rate decision is due at 10 AM with no change expected BOC Poloz will release revised economic outlook and hold a press conference.

The expectations for a 2nd rate cut has been tapered as the Canadian economy fared better than expected in the face of the the weaker oil prices. The Bank of Canada's surprised the market in January with a rate cut.