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17 Jun 2013
USD/CAD remains capped by 100-day SMA
FXstreet.com (Córdoba) - As most pairs in the FX space, the USD/CAD has spent most of the day in quiet consolidation, as investors' focus turns to central banks.
Having bounced from a low of 1.0150 during the European session, USD/CAD managed to trim losses but the recovery was short-lived as the pair was capped by the 100-day SMA at the 1.0180 zone. At time of writing, USD/CAD is trading at the 1.0170 area, where it is virtually unchanged since opening.
Central banks eyed
In the absence of major data, the pair will likely remain within a tight range till Wednesday when the Fed will decide on monetary policy and release its economic projections and Bank of Canada Governor Stephen Poloz will make his first public speech.
Having bounced from a low of 1.0150 during the European session, USD/CAD managed to trim losses but the recovery was short-lived as the pair was capped by the 100-day SMA at the 1.0180 zone. At time of writing, USD/CAD is trading at the 1.0170 area, where it is virtually unchanged since opening.
Central banks eyed
In the absence of major data, the pair will likely remain within a tight range till Wednesday when the Fed will decide on monetary policy and release its economic projections and Bank of Canada Governor Stephen Poloz will make his first public speech.