29 Jan 2014
USD/CAD slips to 1.1150
FXstreet.com (Edinburgh) - After hitting multi-year highs beyond 1.1180, the USD/CAD is now giving away those initial gains and trading back to the 1.1150 region on Wednesday.
USD/CAD focus on FOMC
The cautious tone remains around the pair today, as the dull pre-FOMC meeting is prevailing in the global markets. “With a further $10bln taper today, we expect to see the pair settle anywhere within the 1.1100-1.1225 range. At $10bln, the final outcome for USDCAD within that range will depend on the wording of the statement and any changes in the forward guidance”, commented Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
At the moment the pair is down 0.01% at 1.1155 facing the immediate support at 1.1138 (high Jan.24) ahead of 1.1031 (low Jan.27) and finally 1.1000 (10-d MA). On the upside, a break above 1.1187 (2014 high Jan.29) would target the psychological mark at 1.1200 en route to 1.1226 (high Jul.16 2009).
USD/CAD focus on FOMC
The cautious tone remains around the pair today, as the dull pre-FOMC meeting is prevailing in the global markets. “With a further $10bln taper today, we expect to see the pair settle anywhere within the 1.1100-1.1225 range. At $10bln, the final outcome for USDCAD within that range will depend on the wording of the statement and any changes in the forward guidance”, commented Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD levels to watch
At the moment the pair is down 0.01% at 1.1155 facing the immediate support at 1.1138 (high Jan.24) ahead of 1.1031 (low Jan.27) and finally 1.1000 (10-d MA). On the upside, a break above 1.1187 (2014 high Jan.29) would target the psychological mark at 1.1200 en route to 1.1226 (high Jul.16 2009).