Greenback waits for Fed
The U.S. dollar climbed to 1.028 Canadian yesterday as concerns over Cyprus pushed the greenback higher in the morning session. The Cyprus government vote to not tax bank account deposits providing some stability in the market helping the Canadian dollar strengthen to 1.0250. Today, all eyes will be on the U.S. Federal Reserve rate decision with markets looking at how the Fed will react to the latest of round of problems in the European Union. We expect a range today of 1.0205 to 1.0300 Canadian The euro has rebounded 70 points to change hands at 1.3270 Canadian. The euro dropped to 1.3200 Canadian yesterday as the Cyprus story weighed on the continental currency. The euro should struggle to strengthen further without some sort of resolution in Cyprus agreed upon. Looking to the technicals, a break and close below 1.32 Canadian would signal a much lower euro. We expect a range today of 1.3215 to 1.33 Canadian Earlier this morning, the Pound Sterling dropped to 1.5420 Canadian and bounced strongly back to 1.5505 as the Bank of England minutes released created substantial volatility. The BOE voted not to add stimulus providing some support to the pound. The Australian dollar has held steady above 1.06 Canadian as the market focuses on the EU and U.S. this week. The New Zealand dollar is down 50 points at 0.8425 Canadian as a weaker than expected current account release overnight pushed the Kiwi lower across the board. Data Releases CAD: No data today AUD: RBA Foreign Exchange Transactions EUR: Euro-zone Current Account GBP: Jobless Claims Change JPY: Merchandise Trade Balance NZD: Gross Domestic Product USD: Fed Rate Decision
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