Trading remained light ahead of the European Central Bank's announcement on Thursday detailing the start of its €60 billion a month quantitative easing program. In China, analysts anticipate that Premier Li Keqiang could lower the nation's economic growth target for the year as the National People's Congress annual meeting opens on Thursday.
The US Dollar remains in digestion against its Canadian namesake but a daily close below the 76.4% Fibonacci expansion at 1.1928 exposes the 61.8% level at 1.1858. Alternatively, a push above the 100% Fib at 1.2042 opens the door for a challenge of the 123.6% expansion at 1.2156. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.