The past few days of trading have seen the USD/CAD trade mostly within a price range of 1.34700 to 1.35250 with brief outliers.
The low of last week was suddenly hit by a rather solid amount of buying and the USD/CAD climbed to a high slightly above 1.35350 on Wednesday. After those values were tested the USD/CAD has held firmly within a tighter range as financial institutions brace for tomorrow’s U.S Federal Reserve’s FOMC Meeting Minutes release. It is hoped by traders the content of the report will give an indication regarding the Fed’s interest rate decision coming on the 14 The U.S.
The U.S. will also publish Flash Manufacturing PMI data today, and on Thursday Prelim GDP numbers will be reported.
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