USD/CAD – Subdued Trading Continues

USD/CAD continues to trade in a narrow range, unable to sustain momentum in any direction. The pair is trading in the 1.0150 range early in Wednesday's North American session. In the US, the markets will be paying close attention as the Federal Reserve releases the minutes of the most recent FOMC meeting. Analysts will be looking to see if the Fed discussed ending its current round of quantitative easing earlier than expected. There are no Canadian releases on Wednesday.

The Canadian dollar has held its own against the US currency this week, despite some weak data out of Canada. The Bank of Canada released its quarterly Business Outlook Survey earlier this week, and the report couldn't hide the pessimism shared by many Canadian businesses. The survey found that firms plan to reduce hiring and lower their spending, in response to a lack of confidence about economic conditions in the next 12 months. Building Permits, this week's only major Canadian event, was a...