The Canadian dollar is currently trading near a 4½-year low as market participants await the Bank of Canada's (BoC) upcoming rate decision. The USDCAD exchange rate has experienced fluctuations, recently falling from its highest level since 2020. Technical analysis indicates that the USDCAD is back at these highs ahead of the US Consumer Price Index (CPI) report, which is also influencing market sentiment. The BoC's rate decision is expected to have significant implications for the Canadian dollar's performance in the near term.