The pair’s failure to yet breach the large barrier option at 1.1000 is well documented, exacerbated today by expiries rolling off to the tune of around USD 1.1bln.
Highs so far have failed above 1.0986 where the raft of strong offers really kick in and we’ve been down back to 1.0927 where unsurprisingly the pair has picked up buyers to bounce to 1.0961 before retreating.
All delicately poised then and the Canadian data has the added accolade/attention today of being the only release of note and comes out at 08.30 GMT
Canadian data expectations 22 Aug
Range play 1.0900-1.1000 should cover it with more bids at 1.0885 and offers above 1.1025, then any further momentum that Yellen & Co might produce later but I’m sure our bossman and resident Canadian will be adding his own thoughts in due course.