Forex Charts and Patterns

The USD/CAD remained under some selling pressure for the fourth consecutive day and remained at a remarkable distance of minimum and two-month lows touched in the previous session. The pair continued its bearish fall from levels beyond the psychological mark 1.3500 last week and dropped more than 300 pips in just four trading sessions in the wake of BOC Governor Stephen Poloz's latest hawkish rhetoric and vice governor Carolyn Wilkins. The comments reflect the central bank's confidence in the Canadian economy and suggest a change in its monetary policy outlook. Raising the odds of an increase in the BOC rate before the end of this year has been a key factor for the pair's depression since the beginning of this week. Going forward, investors will remain focused on the highly anticipated announcement of the FOMC, later during the New York trading session. The Fed seems poised to raise interest rates by 25 basis points, but given the recent disappointment in US data,