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Forex: USD/CAD range-bound between 0.9840/60

By FXstreet.com,  January 03, 2013, 11:41:00 AM EDT

FXstreet.com (Barcelona) - The cross is trading in a narrow range on Thursday, ahead of the FOMC minutes due later on during the European evening. Mixed data out of the US labor market have not echoed in the cross so far, which remains locked within 20 pips.

According to C.Sutton, Chief Currency Strategist at Scotiabank, "The market is pricing in a 27% chance of an interest rate hike in Canada over the next 12‐months… this juxtaposed against what we expect to be dovish FOMC minutes, is supportive of CAD. We expect CAD to follow the broader USD pattern today, with a range of 0.9825 to 0.9900".

USD/CAD is losing just 0.01% at 0.9848 with the next support lying at 0.9836 (low Jan.2) ahead of 0.9832 (low Dec.18) and then 0.9825 (low Dec.13).
On the upside, a breakout of 0.9886 (MA100d) would open the door to 0.9894 (MA21d) and 0.9943 (high Jan.2).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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