The USDCAD remains within the lower part of its mid-term price range and tomorrow’s Fed FOMC Statement may cause volatility to erupt for speculators- Forex Forecast
, before the U.S. central bank’s Federal Funds Rate and FOMC Statement pronouncements need to have solid risk management in place.
The USD/CAD has threatened to trade lower and is near the 1.31650 mark as of this writing. A low of nearly 1.30950 was touched last Friday but produced a reversal higher. The 1.31000 ratio remains attractive support, but day traders aiming for this value should not be overly ambitious, and be willing to cash out profits via selling positions before reversals upwards cause money to vanish. The range of 1.31000 to 1.32300 should be monitored in the near term.
Traders need to anticipate the USD/CAD price velocity which will certainly increase over the next day as the U.S Fed’s decisions approach.
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