USD/CAD fell, and then formed a hammer from the 0.98 support level on Thursday. The candle is very bullish, and suggests that the market may not be expecting Bernanke to announce any QE3-like measures today. With the recent consolidation, we have two very clear levels - 0.98 and parity. If we can break either, that would show us the way.
The USD/CHF pair has been stuck at this level (0.8000) for quite some time. With the Jackson Hole announcement coming out later, we may finally get some kind of direction. If QE3 is announced, this pair will fall as the SNB gets overwhelmed.
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