USDCAD Open 1.0270-75 Overnight range 1.0264-1.0284
The USDCAD is kicking off the week in a rather relaxed manner ahead of possible month end demand and re-balancing flows as well as ECB, BoE and FOMC meetings later in the week. The US Fed has gone to great lengths to ensure that their message was understood by the markets so this weeks meeting will likely reiterate what has been previously said.
The Fed chairman has explicitly tied tapering to US unemployment meaning that this weeks non-farm payrolls report on Friday, (Forecast +185K) could have a major impact.
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