Narrow ranges prevail for the time being
After some weakness yesterday, the dollar is keeping steadier so far today with major currencies showing little poise to really move for now.
USD/CAD was a big mover yesterday but is sitting within a 16 pips range today, as sellers run into some near-term technical support from the 200-hour moving average:
The greenback is also sitting in a similar spot against the aussie and kiwi i.e. trading in between the key hourly moving averages, reaffirming a more neutral near-term bias now.
That hints at some potential for a bit of a push and pull until traders side with firmer direction, especially with Jackson Hole still to follow later in the week.
EUR/USD is keeping above both its key hourly moving averages (seen at 1.1705 and 1.1730 respectively) though, but buyers aren’t overly keen to run away with things as recent bounces have been relatively shallow since retreating from 1.1800.