On the USDCAD daily chart, we can see that the pair is breaking below the 200 SMA 1.2623 level and is pulling back for the retest ahead of BOC decision today. In the case of a new rejection from here we could see downside extension into the 1.2400 level.
Note: look near-term for the short trade entries with the SL above the 1.2620 level.
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