USD/CAD fails to sustain Fed minutes-inspired spike

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/CAD reached fresh daily highs only to quickly pullback as enough Fed’s ambiguity left investors guessing whether the central bank will be ready for the lift-off in December.

    USD/CAD moved initially up and scored a daily peak of 1.3368 but it retraced most of the spike in the subsequent minutes as dollar bulls were not convinced by the Fed. At time of writing, USD/CAD was trading at 1.3337, still up 0.12% on the day.

    Minutes of the October FOMC meeting showed that most participants anticipated that the economic conditions “could well be met by the time of the next meeting”. However, members differed in their assessment of the likelihood that incoming information will warrant a rate hike in December, but they agreed that the decision will remain data dependent.
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