USD/CAD Outlook (22 January 2020)

Overall, USD/CAD is ranging across. Recently, USD/CAD moved higher.
The Canadian CPI m/m data (Forecast: 0.0%, Previous: -0.1%) will be released later at 2130 (SGT).
The Bank of Canada (BoC) will be announcing their interest rate decision later at 2300 (SGT).
It is expected that the BoC will be holding interest rate unchanged at 1.75%.
Since the BoC held interest rate unchanged at 1.75% throughout 2019, look into the rate statement for any future plans on interest rate change.
The BoC will also be holding a press conference at 0015 (SGT).
During this time, volatility is expected of any CAD pairs.
USD/CAD’s next support level is at 1.29700 and the next resistance level is at 1.31800.
Wait for the interest rate decision to be announced before looking for trading opportunities of USD/CAD.