Report at 10:30 AM ET/1530 GMT
The BOC will release its business outlook survey for the 4Q at 10:30 AM ET/1530 GMT. As Adam points out it is a chance for Poloz to signal a January hike. After the stronger than expected jobs report out of Canada on Friday, the pricing of a hike jumped to 84%.
Technically, the price of USDCAD today has inched higher (lower CAD) after the sharp fall on Friday. The price on Friday extended to a lower channel trend line - and even dipped below that trend line. However, the fall stalled and the price consolidated/corrected. ON a move back lower today, that trend line comes in at 1.2327. A break below would be more bearish.
ON a move higher, traders will be focused on the topside trend line and the 100 hour MA (see chart below). A move above those technical levels will be more bullish, with the 200 hour MA at 1.2550 (green line) another hurdle to get to and through. The price of the USDCAD has not been above the 100 and 200 hour MAs since December 20th. They are key levels if the trend lower is to start to reverse.
