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USD/CAD steadies after choppy day

FXStreet (Córdoba) - Loonie trades nearly flat against the greenback Thursday a day after volatility picked up on the back of BoC statement and shooting in Ottawa.

USD/CAD fell to a 10-day low of 1.1183 Wednesday as the Bank of Canada dropped its reference to neutrality in the statement, although it reversed losses afterward and closed the day in positive territory. However investors didn’t get clarity from Governor Poloz as the press conference was cancelled after shootings in the Ottawa Parliament.

USD/CAD has steadied Thursday and has traded within its recent range throughout the day. At time of writing, the pair is trading at 1.1250, 0.15% above its opening price.

USD/CAD short-term outlook

“USD/CAD has seen a lot of choppiness over the past 24 hours or so but not a whole lot of directional movement, with yesterday’s push below 1.12 and above 1.1280 yielding no follow through interest. On the face of it, the set up on the short term chart is still constructive, with the market holding support in the low 1.12 zone as a consolidation—bullish connotations via a flag or wedge interpretation—plays out”, said the TD Securities team. “But strong selling pressure off the highs has been evident over the past week and the bar for a rally has nudged higher still (to 1.1268 now). We might retest the upper 1.12 area near-term but weak momentum may limit gains beyond that into the end of the week”.

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