During Tuesday early American session USD/CAD pair reached 1.0297, session high for the moment of this article, as FED minutes and Ben Bernanke testimony were at the center of markets attention.
USD/CAD increased to 1.0297, after which consolidated at slightly lower levels, 1.0286-88. Support levels were expected at 1.0234, lowest value for current session, while cross was to find resistance at 1.0311, highest value from last Friday.
US dollar was supported in expectation of Wednesday’s Federal Reserve minutes and FED Chairman Ben Bernanke, who will take a statement on economy. Investors expect Federal Reserve Bank to embark on a deceleration of the easing program this year, as economic data from last Friday added a new dose of optimism that US economy was on the road to recovery.
Meanwhile, EUR/CAD pair expanded its positions to 1.3235. Germany’s Bundesbank announced today that it expects economic growth to find strength in this years Q2, but also added that weak economic situation in the single currency zone could remain a risk of considerable scale to the economy.
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