From InvestorsObserver:

Next week, the Bank of Canada will announce its interest rate decision, expected to remain at 5.0%. BoC may signal future rate cuts due to weak economic data in Canada, including falling inflation. The USD/CAD pair hovers near yearly highs at 1.3560. US non-farm payrolls data will also impact the exchange rate.

Additionally, Canadian and US job numbers will be published this Friday. Analysts expect the US economy to have created over 188k jobs with a steady unemployment rate of 3.7%. If accurate, the data may affect the Federal Reserve’s rate cut decisions. Technical analysis indicates a potential bearish breakout for USD/CAD post-BoC decision.

The USD/CAD exchange rate has been trending upwards, but a rising wedge pattern suggests a potential bearish reversal. The MACD indicator is slightly above neutral, indicating a possible bearish breakout post-BoC decision. If the pair breaks below key support at 1.3400, it could signal a longer-term downtrend for USD/CAD.



Read more at InvestorsObserver: USD/CAD forecast ahead of BoC decision, US NFP data