Forex - USD/CAD rangebound ahead of Fed

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Investing.com - The U.S. dollar was trading in a tight range against the Canadian dollar on Wednesday as investors positioned ahead of the outcome of the Federal Reserve's policy meeting later in the session.


USD/CAD hit 1.0186 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0197, slipping 0.11%.

The pair was likely to find support at 1.0148, Monday's low and resistance at 1.0250, the high of June 11.

Markets were anticipating the Fed's rate statement and press conference later Wednesday for indications on future plans for the bank's USD85 billion-a-month assert purchase program.

The greenback has come under heavy selling pressure since Chairman Ben Bernanke said in testimony to Congress last month that the Fed could begin to taper asset purchases if the economy continued to improve.

The Canadian shrugged off official data showing that Canadian wholesale sales rose 0.2% in April, undershooting expectations for a 1% increase.

The loonie, as the Canadian dollar is also known, was slightly higher against the euro, with EUR/CAD slipping 0.15% to 1.3660.




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This article appears in: Investing , Forex and Currencies

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