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USD/CAD holds near 2-week lows after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/CAD remained steady near 2-week lows following the release of the minutes from the latest Federal Reserve policy meeting, which showed increasing concerns over global developments among officials.

    The dollar however reacted modestly to minutes as Chair Yellen had already expressed such concerns last week at her semiannual testimony.

    USD/CAD remained quite steady around 1.3700, having recovered slightly from a low of 1.3666 scored earlier as the loonie rose in sync with oil prices. At time of writing, the pair is trading at 1.3704, down 1.14% on the day.

    USD/CAD levels to watch

    As for technical levels, immediate supports could be found at 1.3638 (Feb 4 low) and 1.3595 (100-day SMA) and 1.3531 (Dec 10 low). On the flip side, resistances are seen at 1.3910 (Feb 16 high), 1.3988 (50-day SMA) and 1.4015 (Feb 11 high).
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