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USD/CAD lacks any firm intraday direction and oscillates in a narrow trading band on Wednesday. The prevalent USD selling bias acts as a headwind in the wake of the recent recovery in Oil prices. Tuesday’s softer Canadian CPI print caps gains for the Loonie and lends support ahead of the Fed.
EUR/USD nears 1.08. Economists at Scotiabank believe that the world’s most popular currency pair could retest the 1.10 area. Short-term trend oscillators augur positively for the Euro “Gains through 1.0760 and bullish-leaning, short-term trend oscillators augur positively for the EUR and suggest firm support on dips (1.0750/60 initially and, stronger, at 1.0700/25).
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