The Canadian Dollar (CAD) is trading tightly on Wednesday, gaining around a tenth of a percent against the US Dollar (USD) ahead of the latest Fed appearance. The CAD is down a quarter of a percent against the New Zealand Dollar (NZD), early Wednesday’s best-performing currency.
USD/CAD is down slightly from a near-term high around 1.3780, with an immediate technical floor at the 1.3700 handle. The 200-hour Exponential Moving Average (EMA) also provides topside technical support from 1.3707.
USD/CAD remains on the bullish side of the chart despite near-term pullbacks from the last swing high into 1.3850, with the pair trading on the high side of the 200-day EMA at 1.3533. The USD is up 4.4% against the CAD from the December swing low into 1.3175
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