Bank of Canada will be announcing its next installment of interest rate hikes later today. Investors have priced in a 75-basis point rate hike which will be from 3.25% to 4.00% as a result of the new fiscal policy. This is supporting the Canadian dollar and the domestic currency appreciated nearly 1% in the past two trading sessions against the US dollar. Market participants are waiting cautiously for the BOC governor and senior deputy governor’s statement which will be available through a press conference after the release of the monetary policy report.
Important pivots to consider in the daily timeframe
| Pivot | Classic | Fibonacci | Camarilla | Woodie | DM |
| S3 | 1.17713 | 1.26553 | 1.35829 | 1.25000 | — |
| S2 | 1.26553 | 1.29930 | 1.36639 | 1.27270 | — |
| S1 | 1.32407 | 1.32016 | 1.37450 | 1.33840 | 1.33900 |
| P | 1.35393 | 1.35393 | 1.35393 | 1.36110 | 1.36140 |
| R1 | 1.41247 | 1.38770 | 1.39070 | 1.42680 | 1.42740 |
| R2 | 1.44233 | 1.40856 | 1.39881 | 1.44950 | — |
| R3 | 1.53073 | 1.44233 | 1.40691 | 1.51520 | — |
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