{"id":74318,"date":"2025-01-29T14:54:47","date_gmt":"2025-01-29T03:54:47","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=74318"},"modified":"2025-01-29T14:54:48","modified_gmt":"2025-01-29T03:54:48","slug":"trade-usdcad-on-the-bank-of-canada-rate-decision-2","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/trade-usdcad-on-the-bank-of-canada-rate-decision-2\/","title":{"rendered":"Trade USDCAD on the Bank of Canada Rate Decision"},"content":{"rendered":"\n<p>Canadian dollar traders are preparing for yet another busy day, with the unique proposition of both sides of the currency equation having interest rate decisions that could propel the currency pair hundreds of points in the coming session. The Bank of Canada is firmly expected to cut rates by a further 25 basis points at this meeting, which could put additional pressure on the Canadian dollar, now sitting just below multi-year lows against the USD\u2014levels it reached just over a week ago.<\/p>\n\n\n\n<p>The real catalyst for bigger moves should come from the statement, Policy Report, and subsequent press conference. Anything more dovish than expected is likely to see those levels challenged swiftly, whereas less dovish guidance should see the pair fall back into range. Traders will be aware that the Fed\u2019s decision follows just a few hours later, making the Bank of Canada opportunity more short-term than usual. However, if the FX gods align and both central banks push in the same direction, there is potential for significant percentage moves in the pair today.<\/p>\n\n\n\n<p><strong>Resistance 2:<\/strong> 1.4514 \u2013 2025 High<br \/><strong>Resistance 1:<\/strong> 1.4421 \u2013 Trendline Resistance and Overnight High<\/p>\n\n\n\n<p><strong>Support 1:<\/strong> 1.4324 \u2013 Trendline Support<br \/><strong>Support 2:<\/strong> 1.4259 \u2013 2025 Low<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"602\" src=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly-1024x602.png\" alt=\"\" class=\"wp-image-74319\" srcset=\"https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly-1024x602.png 1024w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly-300x176.png 300w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly-768x451.png 768w, https:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2025\/01\/Cad-Hourly.png 1045w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Canadian dollar traders are preparing for yet another busy day, with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":74320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[462],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/74318"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=74318"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/74318\/revisions"}],"predecessor-version":[{"id":74321,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/74318\/revisions\/74321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/74320"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=74318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=74318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=74318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}