USD/CAD: The FX pair of the day
With the Canadian Dollar set for its first BoC decision under new leadership and Bernanke’s testimony on monetary policy before the US House or Representatives, the USD/CAD is an interesting pair to look at today. The pair had a weak session on Tuesday with the bears dragging the market back below 1.04. At 1.0395 this morning, the market started the day on a positive footing but as long as we remain below the rising trend line on the 30m min chart, we expect further choppy price action with a bearish bias. Key support level to look at sits at 1.0325. A break below that area would open the door to 1.025. In the alternative scenario, we would have to see a break above 1.044 in order to reconsider our outlook.
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