Currencies

Majors Forex Pairs Stall Ahead Of ECB

 

The cad (Usd/Cad 1.0300) had a range of only 30 pips and was the weakest major. The pair is expected to continue its downtrend at a slower pace as some investors think that the Bank of Canada will intervene to devalue the Canadian dollar. In Wednesday trade, the Usd/Cad fell 90 pips after it bounced from the 1.0400 area.

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The swissy (Usd/Chf 1.0195) is struggling to break above the 50-day moving average for a third consecutive day. Such a move might come on broad dollar strength. Ahead, the swissy has a clear economic calendar and may have the Swiss National Bank looking for ways to devalue the strength seen in Eur/Chf.

The yen (Usd/Jpy 91.95) stair-stepped higher throughout the overnight session and broke above the 20-day moving average. The move signals that the pair has entered in an uptrend once again. The next important test for this uptrend is in the 92.50 area.

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