The BOC interest rate decision is minutes away. The expectations are for a 25 basis point hike to 5.0%. This would be the 2nd consecutive hike after 2 meetings where they kept rates unchanged.
The USDCAD is trading at session lows at 1.3185. The 50% midpoint of the move up from the September 2021 Lowe comes in at 1.3132. The low for 2023 comes in at 1.3116. On the top side a move back above 1.32299 would give buyers some confidence.