USD/CAD: back within ranges, bulls eye 200 dma
|Currently, USD/CAD is trading at 1.3081, up 0.08% on the day, having posted a daily high at 1.3121 and low at 1.3063.
USD/CAD is consolidated at these levels after a heavy fade from 1.3119 to aforementioned lows while the dollar correction continues. Meanwhile, analysts at Scotiabank explained that the measures of implied CAD volatility are at fresh 2017 lows and that risk reversals are suggestive of a relatively modest premium for protection against CAD weakness. In respect of events, WTI was also a spike and a fade while the EIA crude change came in at 9.527M 13.830M and offered a massive build sparking some action while otherwise the market has been focused on Yellen again:
Fed's Yellen: Decision on when to reduce balance sheet depends on how strong the economy is
USD/CAD levels
Neutral—momentum signals are neutral as USD/CAD consolidates around the mid-point of its range from late January, explained analysts at Scotiabank adding, "Recent support has been observed in the 1.3020-1.3050 area. A break higher should see gains toward the 200 day MA around 1.3150 and the early February high around 1.32."
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