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5 Mar 2014
USD/CAD testing lows near 1.1060
FXStreet (Edinburgh) - The USD/CAD is trading in the defensive camp on Wednesday, hovering near 1.1065/60 ahead of the BoC monetary policy meeting.
USD/CAD focus on BoC
The pair is netting an even week so far, navigating in a 50-pips range between 1.1060 and 1.1110, as market participants wait for the BoC gathering due in the European afternoon. “We see little scope for change at this weeks meeting, and thus a muted CAD reaction ahead of employment figures in the US and Canada on Friday. Risks likely favour a statement that reads moderately positive for the CAD”, assessed strategists Brian Daingerfield and Paul Robson at RBS.
USD/CAD levels to watch
The pair is now retreating 0.36% at 1.1061 and a breach of 1.1038 (low Mar.3) would open the door to 1.1000 (psychological level) and finally 1.0962 (daily cloud top). On the upside, the first up-barrier aligns at 1.1108 (high Mar.4) ahead of 1.1148 (high Feb.28) and then 1.1160 (high Feb.27).
USD/CAD focus on BoC
The pair is netting an even week so far, navigating in a 50-pips range between 1.1060 and 1.1110, as market participants wait for the BoC gathering due in the European afternoon. “We see little scope for change at this weeks meeting, and thus a muted CAD reaction ahead of employment figures in the US and Canada on Friday. Risks likely favour a statement that reads moderately positive for the CAD”, assessed strategists Brian Daingerfield and Paul Robson at RBS.
USD/CAD levels to watch
The pair is now retreating 0.36% at 1.1061 and a breach of 1.1038 (low Mar.3) would open the door to 1.1000 (psychological level) and finally 1.0962 (daily cloud top). On the upside, the first up-barrier aligns at 1.1108 (high Mar.4) ahead of 1.1148 (high Feb.28) and then 1.1160 (high Feb.27).