Taking a look at the USD/CAD pair as the Bank of Canada, according to some Wall Street analysts, is expected to cut rates again on Wednesday. The USD has been under pressure following anticipation of a Fed cutting cycle that may begin as early as 17-18^th  of this month. In the medium-longer term outlook, this could be more advantageous for CAD. However, with USD recently showing signs of oversold conditions, and BoC expected to cut on Wednesday, the pair may experience a short-term bounce this week, maybe even until the Fed meeting.  Currently, the pair is trading at around C$1.3501. From a technical aspect, on the weekly chart, we can see a long-term trendline (dates back to May 2021) that should offer support for the near-term. Taking a deeper look on the daily chart, we can see the pair tested this support and has closed higher, indicating some resilience. Applying the Bollinger bands to the chart, if the pair remains above the trendline, this could create a setup for a bounce higher toward the middle moving average of the Bollingers. The moving average is currently reading C$1.3592, but firstly, there is some near-term resistance around C$1.3509. This may be more likely as a reaction following the cut announcement from BoC. On the other hand, a move below the trendline would indicate further weakness from USD. But only a move below C$1.3440 could lead to more downside. Additionally, the technical indicators strengthen the outlook for long traders heading into the BoC decision, The MACD seems to have stabilised and is now curving towards its signal line, and the RSI is no longer pointing to oversold conditions as it wiggled its way out to a reading of 32 from a low of 21.