Canadian Dollar futures continued their basing pattern following Bank of Canada decision.

December Canadian Dollar futures continued their basing pattern with a solid double bottom reversal pattern. This move comes after the Bank of Canada cut its policy rate by 25 basis points to 2.5%, citing a weakening economy, reduced upside inflation risks and a decline in employment over the past two months. The Governing Council noted it would proceed carefully and monitor exports, jobs, household spending and inflation expectations. The upcoming FOMC decision could cause a shift in currencies, including the Canadian Dollar futures, depending on the outcome and the Federal Reserve's "dot plots" trajectory of interest rates.