USD/CAD Outlook (4 December 2019)

Overall, USD/CAD is trending upwards. Recently, USD/CAD has been ranging across within 80pips.
The Bank of Canada (BoC) will be announcing their interest rate decision later at 2300 (SGT).
It is expected that they will hold interest rate unchanged at 1.75%.
Nonetheless, look for hints of possible rate cut in the interest rate statement.
There will be OPEC meetings tomorrow all day. During this time, volatility is expected of any CAD pairs.
Currently, USD/CAD is testing the key level of 1.33. USD/CAD’s next support level is at 1.31800 and the next resistance level is at 1.33300.
Stay out of USD/CAD for now.