USD/CAD Looking for direction ahead of BoC

USD/CAD pair has lost directional strength and is seen in narrow trading range today slighty above the 1.24 mark. It seems that market participants are not likely to take part ahead of Wednesday's BoC monetary policy decision. The 85% probability per Bloomberg for rates hike will boost the CAD’s strength but in case BoC postpone hikes for the next meeting the USD/CAD would be poised to test the resistance provided by the 38.2% Fibo retracement of latest bullish run at 1.2585. Lookind to the downside first support is seen at the psychological barrier at  1.24, below which the pair might extend its downward slope towards the 61.8% Fibo of same retracement at 1.2385.