20 Nov 2013
USD/CAD capped by offers sub 1.05, muted to BoC's Poloz headlines
FXstreet.com (Barcelona) - USD/CAD remained confined in a 1.04-1.05 range on Wednesday, with offers ahead of the 1.05 round number capping any upside progress, taking the pair back towards 1.0450 equilibrium zone.
BoC Chief headlines crossing the wires
Bank of Canada governor Poloz, along with Senior Deputy Governor Macklem, are testifying before the Senate Committee on Banking, Trade and Commerce, with the former saying "substantial monetary policy stimulus remains appropriate", while adding that "Canada economic outlook roughly unchanged since October (the October monetary policy report)."
USD/CAD needs a range break
From a technical perspective, a break of the range is now necessary to determine the next direction in the pair. While a resolution past 1.05 may bring 1.0550 - Aug 26 high - into play, a downside move through 1.04 may expose 1.0370 - flat top cloud daily -.
BoC Chief headlines crossing the wires
Bank of Canada governor Poloz, along with Senior Deputy Governor Macklem, are testifying before the Senate Committee on Banking, Trade and Commerce, with the former saying "substantial monetary policy stimulus remains appropriate", while adding that "Canada economic outlook roughly unchanged since October (the October monetary policy report)."
USD/CAD needs a range break
From a technical perspective, a break of the range is now necessary to determine the next direction in the pair. While a resolution past 1.05 may bring 1.0550 - Aug 26 high - into play, a downside move through 1.04 may expose 1.0370 - flat top cloud daily -.