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The USD/CAD pair is eagerly awaiting BoC’s rate decision this week and the build-up momentum ahead of the Fed’s policy meeting next week. The USD/CAD is flat on the day following stock market volatility.
The USD/CAD is flat on the day after journeying between the 1.3346 low and the 1.3413 high. The pair is trading at 1.3359 at the time of typing.
US stocks have been volatile amid choppy trading conditions in the forex space on Tuesday. However, stocks have lately tended to continue their rally despite dismal earnings. Earlier on the day, stocks took a breather after a two-day rally, with earnings from major companies starting to roll in.
Market participants also digested economic data on manufacturing which led to volatility while the New York Stock Exchange saw an unusual number of halts at the open.
There is a lack of catalysts with the Fed officials out on the blackout week ahead of the highly anticipated Fed interest rate decision. The most hawkish of comments that were lately a source of attraction came from Fed’s James Bullard who said US interest rates have to rise further to ensure that inflationary pressures recede.
