FXStreet reports that economists at OCBC Bank note that the USD/CAD will look to the Bank of Canada (15:00 GMT) for further directionality, with a breach of the 1.2600 to 1.2750 range potentially at hand.

“Policy tweaks are not expected. They should continue to sound optimistic, and perhaps lay down some groundwork for a reduction in asset purchases (at C$4b/week now) in the coming meetings."

“There is potential for the USD/CAD pair to breach the 1.2600-1.2750 range, pending the market read on the BoC decision.”