USD/CAD Rises To 1.3660 As US Dollar Moves Higher Ahead Of FOMC Minutes


The USD/CAD pair moves higher to 1.3660 in Wednesday’s American session. The Loonie asset gains as the US Dollar rises amid caution ahead of the release of the Federal Open Market Committee (FOMC) minutes, which will be published later the day.The FOMC minutes will provide more cues about whether policymakers are comfortable with market expectations for the Federal Reserve (Fed) shifting to policy normalization from the September meeting.Ahead of the FOMC minutes, the market sentiment is slightly nervous. The S&P 500 has opened on a cautious note. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, rose to 104.80. 10-year US Treasury yields rise to 4.43% as Fed officials keep emphasizing the need to maintain interest rates at their current levels for a longer period.Despite the expected decline in the US Consumer Price Index (CPI) data for April, Fed policymakers support for continuing a restrictive interest rate stance as a one-time decline in price pressures is insufficient to build confidence that the progress in the disinflation process has resumed.Meanwhile, the Canadian Dollar is expected to face significant pressure as speculation for the Bank of Canada (BoC) to begin reducing interest rates from the June meeting has strengthened after soft inflation report for April. Statistics Canada reported on Tuesday that BoC’s preferred inflation measure grew at a slower pace of 1.6% from the prior reading of 2% on a year-on-year basis. Annual headline CPI decelerated to 2.7% as expected from the former reading of 2.9%.USD/CAD

OVERVIEW Today last price 1.3668 Today Daily Change 0.0014 Today Daily Change % 0.10 Today daily open 1.3654

 

TRENDS Daily SMA20 1.3673 Daily SMA50 1.3638 Daily SMA100 1.3556 Daily SMA200 1.357

 

LEVELS Previous Daily High 1.3676 Previous Daily Low 1.3615 Previous Weekly High 1.3691 Previous Weekly Low 1.359 Previous Monthly High 1.3846 Previous Monthly Low 1.3478 Daily Fibonacci 38.2% 1.3652 Daily Fibonacci 61.8% 1.3638 Daily Pivot Point S1 1.3621 Daily Pivot Point S2 1.3587 Daily Pivot Point S3 1.356 Daily Pivot Point R1 1.3682 Daily Pivot Point R2 1.3709 Daily Pivot Point R3 1.3743

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