100 hour MA comes in at 1.2902 currently

The USDCAD moved sharply higher on the back of the Cohn comments.

The high for the day reached 1.2959. That was just short of the underside of the broken channel trend line (see hourly chart above). That trend line was broken in yesterday's trading.

SInce then, the price has rotated lower with the 100 hour MA and a lower trend line tested in early NA trading.

The price sits just above those levels at 1.2902 and 1.2899 respectively. A move below would be more bearish technically.

Having said that, with the uncertainty from NAFTA (the last meetings ended yesterday with lots of work to do) and the US tariff news, it would be hard to imagine that the BOC will be too hawkish in their remarks (for a preview click HERE). Can they be more dovish? That will probably be the focus.

Chances are, however, they play it neutral.

Technically, looking at the daily chart below, the 1.2908-268 area is home to a number of swing levels and the 50% retracement of the move down from the May 2017 high. We trade right around the upper end of that area. A move above would be more bullish. That area is a barometer for the buyers and sellers going forward.

On the topside, the 1.3000 level was the high yesterday. A move above would certainly be even more bullish.