21 Aug 2013
USD/CAD eyeing 1.0480 on dollar-supportive minutes
FXstreet.com (Edinburgh) -The USD is intensifying its ascent on Wednesday, lifting the USD/CAD to fresh 6-week highs around 1.0480.
USD/CAD upside accelerates
The FOMC minutes are proving to be USD-friendly, catching market participants off guard as the previous consensus was pointing to a dovish statement. The minutes have expressed dissent amongst Committee members regarding the timing of tapering, although Chairman Bernanke’s tapering timeline was fully supported. Some members were also concerned about higher rates hampering the current economic recovery.
USD/CAD critical levels
The pair is now advancing 0.70% at 1.0466 with the next resistance at 1.0500 (psychological level) ahead of 1.0540 (high Jul.10) and finally 1.0574 (high Jul.9). On the flip side, a breakdown of 1.0393 (low Aug.21) would expose 1.0342 (low Aug.20) and then 1.0292 (low
USD/CAD upside accelerates
The FOMC minutes are proving to be USD-friendly, catching market participants off guard as the previous consensus was pointing to a dovish statement. The minutes have expressed dissent amongst Committee members regarding the timing of tapering, although Chairman Bernanke’s tapering timeline was fully supported. Some members were also concerned about higher rates hampering the current economic recovery.
USD/CAD critical levels
The pair is now advancing 0.70% at 1.0466 with the next resistance at 1.0500 (psychological level) ahead of 1.0540 (high Jul.10) and finally 1.0574 (high Jul.9). On the flip side, a breakdown of 1.0393 (low Aug.21) would expose 1.0342 (low Aug.20) and then 1.0292 (low