USD/CAD (current price: 1.3194)
The Canadian Dollar is back to the all-important 1.32 level before the Fed meeting as the pair got pushed higher by the weakness of oil and other commodities, as well as the broad strength of the U.S. Dollar. The Bank of Canada also pointed out the international worries in the bank’s previous monetary statement, helping the cross in getting back to the top if recent trading range. All eyes will probably be focused on oil and the Fed again this week, as the Black Gold might remain the number on influence on the path of the pair.
Our assessment: USD/CAD is close to breaking out on the upside from its dominant trading range between 1.2650 and 1.32, and further weakness in oil might push it as high as 1.335 in the near future.
