CAD is the strongest. AUD is the weakest.
The strongest major currency is the CAD while the weakest is the AUD as the NY trading session begins.
The CAD has been weaker of late. The USDCAD has been stepping higher since bottoming on October 15th. Looking at the chart below, the pair has a pattern of moving higher, correct 50%. It also has been tracking a topside trend line. That trend line was touched at the end of the trading day yesterday, and at the beginning of the new day today. Traders leaned against it and forced the price down in London/European trading.
The AUD was influenced by weaker than expected CPI. The QoQ inflation figures were expected to rise by 0.7%. It only rose by 0.5%. Rate cut expectations are elevated once again
Of course the FOMC decision will be highlight in the trading session today. No Yellen press conference is scheduled. No change is expected. Like all key events, it is the surprise you need to look for. Does the Fed have a surprise for the market? PS The RBNZ will also announce their rate decision later today. So be aware for that risk event as well.
