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USD/CAD : Consolidating Ahead Of BOC Rate Statement

Despite better news from Ukraine which resulted in the decline in safe havens and US dollar, USDCAD is moving up to nowhere. Seems like the pair is consolidating ahead of the Bank of Canada policy meeting to be held tomorrow. The central bank will announce its official rate statement and monetary policy decision and is expected to hold policy rate steady at one percent. The market might have priced the recent development in Canadian economic data into the exchange rate but there are chances that if the bank fails to present a clearly dovish signal the CAD would be pushed higher. The pair is right now testing the resistance level at 1.1109 and may continue to surge more finding the next resistance level at 1.1116 as inferred from the stochastic oscillator.