USD/CAD: Greenback Tumbles As Fed Announces Bond-Buying Program

USD/CAD: Greenback Tumbles As Fed Announces Bond-Buying Program

For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CAD to close at 0.9848, after the Federal Reserve tied its policies to economic benchmarks and stated that it would buy an additional $45 billion of Treasuries a month, adding to its third round of quantitative easing.

In the Asian session, at GMT0400, the pair is trading at 0.9845, with the USD trading slightly lower from yesterday's close.

The pair is expected to find support at 0.9825, and a fall through could take it to the next support level of 0.9806. The pair is expected to find its first resistance at 0.9865, and a rise through could take it to the next resistance level of 0.9885.

In today's trading session, the new housing price index and capacity utilisation rate data are the key economic releases on tap in Canada.