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Canadian dollar has seen some relief on prospects for NAFTA deal to be announced as early as next week. USD/CAD is testing waters below the neckline of the head and shoulders pattern on the daily chart. A successful break would target 1.25. Initial resistance is at 1.28 and stronger one near 1.285.
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USD/CAD pulls back ahead of the FOMC
Canadian dollar gained about 50 pips overnight, as U.S. relaxed terms on some parts of new NAFTA proposal. It's also technicals. The pair encountered resistance at 61.8% retracement of 2017 decline and 2016 - 2017 trendline, with USD/CAD buyers booking some profits ahead of the FOMC decision later today. 1.2975 - 1.30 is the initial support and 1.3050 - 1.3075 the resistance.
Canadian dollar a mover today
Loonie was one of the movers in a relatively subdued day. Some progress with NAFTA talks was reportedly used as an excuse to sell USD/CAD down to 1.275 after the pair rejected prices above the strong resistance at 1.2825 in the European morning. OPEC meetings tomorrow are worth keeping an eye one.