Forex: Quiet start to the week for USD/CAD

on May 27, 2013

The USD/CAD has been affected by the US Memorial Day holiday and at the moment is quite calm. The pair opened the trading week at 1.0323 and to this point has reached 1.0330. The TD Securities Team has commented that they are expecting intraday support in the 1.0290/00 area and resistance around 1.0100/05.

Ahead of this week’s Bank of Canada meeting, BMO strategist Stephen Gallo believes that ‘market participants [have] ruled out any modification of the interest rate.’ The prospect that BoC Governor Mark Carney may modify the tightening bias also cannot be eliminated. If the bias is to drop, it may cause the USD/CAD to rapidly move to 1.0500 for the first time since 2011.

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