19 Aug 2015
USD/CAD clings to gains post-FOMC
FXStreet (Edinburgh) - The greenback is now rapidly surrendering part of the earlier upside vs. its Canadian neighbor, dragging USD/CAD to test the mid-1.3000s.
USD/CAD losing ground after FOMC minutes
The pair has quickly left the area of session highs around 1.3180 after the FOMC released its minutes. The Committee continues to see inflation figures running in sub-2% levels during 2016 and 2017, while lower energy prices prompted officials to revise lower the previous forecasts for consumer prices.
In addition, some officials noted the divergence in rates between the US and other economies could derail in a stronger dollar, while other members see consumer spending rising at a moderate pace.
USD/CAD levels to consider
At the moment the pair is advancing 0.12% at 1.3075 with the next hurdle at 1.3179 (high Aug.19) ahead of 1.3183 (high Aug.10) and then 1.3197 (high Aug.6). On the other hand, a breakdown of 1.3022 (low Aug.19) would open the door to 1.2998 (low Aug.11) and finally 1.2957 (low Aug.13).
USD/CAD losing ground after FOMC minutes
The pair has quickly left the area of session highs around 1.3180 after the FOMC released its minutes. The Committee continues to see inflation figures running in sub-2% levels during 2016 and 2017, while lower energy prices prompted officials to revise lower the previous forecasts for consumer prices.
In addition, some officials noted the divergence in rates between the US and other economies could derail in a stronger dollar, while other members see consumer spending rising at a moderate pace.
USD/CAD levels to consider
At the moment the pair is advancing 0.12% at 1.3075 with the next hurdle at 1.3179 (high Aug.19) ahead of 1.3183 (high Aug.10) and then 1.3197 (high Aug.6). On the other hand, a breakdown of 1.3022 (low Aug.19) would open the door to 1.2998 (low Aug.11) and finally 1.2957 (low Aug.13).