Technical Currency Analyst Sam Shenker writes that the AUD/CAD currency pair remains confined to large channel that dominated the price action since 2005.
In the daily currency technicals, the euro tests bids above 1.2100, the Japanese yen remains above 117.00, the British pound struggles to keep 1.7400, and the Swiss franc heads above 1.3000.
Economic data was helpful to the dollar bull on the day as further suggestions of a May 10th rate hike were presented through a higher revised gross domestic product figure and lower initial jobless claims.
In the daily currency technicals, the euro heads toward 1.2100, the Japanese yen slides toward 117.00, the British pound remains below 1.7400, and the Swiss franc heads toward 1.3000.
After the temporary boost provided the dollar after yesterday's move to tighter 4.75 percent overnight lending rates, the currency lost most of its volatility as traders awaited economic data that would back Fed comments either way.
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