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USD/CAD testing session highs around 1.0330

FXstreet.com (Barcelona) - After dipping to the boundaries of 1.0310, the USD gathered some traction and is now back trading in the 1.0330/35 region, challenging intraday highs at the same time.

Ahead of this week’s BoC meeting, Strategist Stephen Gallo at BMO says market participants ruled out any modification of the interest rate. However, the expert added, there might be the chance of Governor Carney modifying the tightening bias. “. If the bias were to be dropped, USDCAD could make a run at and potentially breach the 1.0500 level for the first time since 2011. Our economists consider a dropping of the bias as unlikely at this meeting, though”.

The pair is now up 0.18% at 1.0327 with the next resistance at 1.0355 (high May 24) ahead of 1.0425 (high Jun.5 20120 and then 1.0446 (2012 June high). On the downside, a breach of 1.0300 (hourly lows May 27) would expose 1.0266 (MA10d) and finally 1.0251 (low May 22).

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