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BoC's Poloz to talk down CAD?

FXStreet (London) - Having posted a morning high at 1.1073, USD/CAD has continued its range bound sentiment and is now flat on the day at 1.1056.

With the BoC Poloz’s speech scheduled for later this evening at 16:45 GMT, ahead of tomorrow’s FOMC rate decision, the pair looks light on momentum and for now content to range-trade. Tim Davis, VP of Global Strategy at TD Securities believes that Poloz’s speech on the role that currency plays in the economy and in the conduct of monetary policy will disappoint those who expect him to talk down CAD.

USD/CAD Technicals

The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is also neutral. Meanwhile, daily RSI is in neutral territory at 62.24.

Spot is presently trading at 1.1056, and next resistance can be seen at 1.1059 (Hourly 20 EMA), 1.1063 (Daily Classic PP), 1.1073 (Daily High), 1.1091 (Daily Classic R1) and 1.1093 (Monthly High). To the downside we see next support at 1.1054 (Daily Open), 1.1036 (Daily Low), 1.1035 (Yesterday's Low), 1.1030 (Hourly 100 SMA) and 1.1026 (Daily Classic S1). Looking to candlestick formations, we can see Dark Cloud Cover formation on the 4-hour chart.

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