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
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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