EUR/USD seesawed within the 1.1650-1.1635 range on Wednesday as the Federal Reserve cut rates by 25 basis points as expected, yet there were two dissenters at the meeting. At the time of writing, the pair trades volatile, as traders await the Fed Chair Jerome Powell press conference.
The Bank of Canada (BoC) is widely expected to trim its benchmark interest rate by another quarter point on Wednesday, bringing it down to 2.25%. That would follow a similar move in September as the central bank continues its gradual easing cycle.
Upward momentum is starting to build, but for a continued advance, US Dollar (USD) must first close above 153.00, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.