The Bank of Canada press conference will begin at 15:15 (GMT), and market participants will closely follow the press conference. No changes in the parameters of the current monetary policy are expected, but market participants want to hear the Central Bank's comments on the current economic situation in the country and in relation to the prospects for monetary policy (see also Technical Analysis and Trade Recommendations )
The main scenario so far implies a decline in USD / CAD. The first signal for the pair to resume selling will be a breakdown of the support level 1.2571. A break of the key long-term support level 1.2480 will strengthen the tendency to further decline, while a breakdown of the 1.2170 support level will finally return USD / CAD to a long-term bearish trend.
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