30 Oct 2013
USD/CAD erases daily losses ahead of Fed
FXstreet.com (Córdoba) - The USD/CAD reversed earlier losses and turned flat for the day ahead of the Federal Reserve monetary policy decision.
After finding support at the 100-hour SMA at 1.0440, the USD/CAD turned higher and managed to completely erase intraday losses to trade at the 1.0465/70 area minutes ahead of the Fed statement. The market has entered in a consolidative stage over the last hours, although no surprises are expected from the Fed.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find immediate resistances at 1.0473 (daily high) and 1.0500 (psychological level), while supports are seen at 1.0428 (Oct 28 & 29 lows) and 1.0410 (Oct 25 low).
After finding support at the 100-hour SMA at 1.0440, the USD/CAD turned higher and managed to completely erase intraday losses to trade at the 1.0465/70 area minutes ahead of the Fed statement. The market has entered in a consolidative stage over the last hours, although no surprises are expected from the Fed.
USD/CAD levels to watch
In terms of technical levels, USD/CAD could find immediate resistances at 1.0473 (daily high) and 1.0500 (psychological level), while supports are seen at 1.0428 (Oct 28 & 29 lows) and 1.0410 (Oct 25 low).