Investors will anxiously be awaiting the fallout of the Fed's Beige Book, scheduled for release later today at 18:00 GMT. In terms of the Canadian dollar, the price of crude has settled in the region of USD $93.27, up +0.97.
“The USD/CAD has failed to maintain the upside bias and returned again to the downside. We still need to see trading above the Linear Regression Indicator 34 and that prevents us from favoring a downside wave before confirming its ability to breach this level. The Linear Regression Indicators are biased negatively this trend will subside only with the breach above the 0.9800 level – thus, we hold onto our expectations for the rest of the day.” Writes the technical analyst team at ICN.com.
ICN.com analysts point to short term supportive structures at 0.9760, then 0.9715, and finally 0.9680. Conversely, a prolonged movement to the upside will initiate means of resistance at 0.9800 (key barrier), 0.9825, and ultimately 0.9870.