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Forex: USD/CAD testing lows around 1.0050/55

FXstreet.com (Barcelona) - The Canadian dollar continues to gather pace against the greenback on Wednesday, dragging the cross to 11-week lows around 1.0050/55 ahead of the US ADP report and FOMC meeting.

“This time around the rising uncertainty about the impact of fiscal austerity on growth and further moderation in core inflationary pressures will likely shift the balance back to an easing bias. And even though we do not expect the dial to go all the way to increasing the size of purchases, the risk of this has increased, albeit one that remains quite low”, explained Marcin Budkiewicz, Strategist at TD Securities.

At the moment, the pair is down 0.17% at 1.0057 with the next support at 1.0045 (low Mar.28) ahead of 1.0017 (61.8% of 0.9815-1.0343) and finally 0.9995 (high Feb.7).
On the flip side, a breakout of 1.0171 (high Apr.29) would expose 1.0187 (MA21d) ahead of 1.0214 (high Apr.26).

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