CAD rangebound ahead of BoC Rates later today

By IBTimes Staff Reporter | December 07 2009 11:18 PM

FXstreet.com (London) - Ahead of the BoC rates decision tomorrow USD/CAD has remained tight since dropping early to 1.0482 and rebounding up to 1.05. It has since traded tightly rangebound between 1.0515 and 1.0500,

Sponsorship Link

and with all eyes on language used regarding stimulus removals tomorrow, a breakout would take something significant as Asia moves toward the close.

The pair currently quotes at 1.0507/11, for a gain of 12 pips on the day.

George Davis, key strategist at RBC Cpaital Markets, outlines the key support and resistance levels: (Davis sees) C$1.0593 as an important resistance level for the U.S. dollar, with minor support at C$1.0491 and C$1.0431. [Source: DowJones]

.