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USDCAD approaches trend resistance ahead of Fed meeting tomorrow

Posted on: May 02, 2017

The quiet start to the week continues, as participants are reluctant to step in front of significant event risk starting with the Fed announcement tomorrow. Volumes are light with Asia and Europe returning from their long weekend and ahead of Japanese holidays. Yesterday USDCAD chopped around in a 45-pip range.

Overnight the RBA left rates unchanged, but the AUD is selling after an initial pop higher as concerns about housing still remain prevalent. GBP is stronger after seeing manufacturing numbers above expectations while minutes from the most recent Bank of Japan meeting revealed members thought inflation still lacks strength, causing USDJPY to grind higher.

For those watching USDCAD, with little on the Canadian economic calendar until trade numbers on Thursday, look for CAD to be pushed around by the crosses. Today should be quiet, however keep an eye on trend line resistance around 1.3710/20. If this breaks it should open up a test of the 1.3839 level, while if it holds it could be a sign of a modest correction. Of course don’t sleep on the Fed tomorrow or payrolls Friday, they could certainly be enough to turn the tables on the technicals. Key support comes in just below 1.3600 at the previous double tops.

  • Yesterday’s NA Range 1.3639 – 1.3683
  • Asia Overnight Range 1.3654– 1.3683
  • London Overnight Range 1.3650– 1.3688


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