• USD/CAD steadied around 1.3490 on Monday as Canadian dollar dipped slightly as investors awaited this week’s Bank of Canada's rate decision .
•The Canadian Dollar's current weakness can be attributed to expectations of a rate cut by the Bank of Canada (BoC) this week.
• According to the majority of economists, the Bank of Canada is expected to cut its benchmark rate by 25 basis points at its meeting on September 4, and again in October and December.
• At GMT 14:46, the pair was trading up 0.02% at 1.3490, recovering from Friday’s low of 1.3469.
• Immediate resistance is located at 1.3509(38.2%fib), any close above will push the pair towards 1.3555(50%fib).
• Support is seen at 1.3443 (23.6%fib) and break below could take the pair towards 1.3424(Lower BB).
Recommendation: Good to buy around 1.3470, with stop loss of 1.3430 and target price of 1.3550
