Forex: USD/CAD – Retracing to 1.0180

on Jun 19, 2013

The Canadian dollar has gained some confidence during the American session in expectance of the Fed’s statement on future monetary actions, its economic forecast and its interest rate decision, which are due at 19:00 BST.

The pair has traded in the 1.0180/82 range ahead of FOMC minutes due out later in the afternoon of the American session.
The report will be followed by a news conference in Washington, where Fed Chairman Ben Bernanke will clear questions and particulars on the data included in the statement.
Earlier today the the ‘Sales by Wholesalers’ report from Canada was issued, showing a 0.2 percent improvement in April m/m, above the 0.1 percent growth in March, but below expectations for an increase of 0.3 percent.
Of further influence for the pair is expected to be the first official speech of The Bank of Canada’s new Governor Stephen Poloz scheduled for 17:40 BST. He is known as a supporter of devaluation of the national currency in favour of growth in exportsation.

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