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USD/CAD retraces losses after FOMC statement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD jumped from lows and trimmed most of its intraday losses as the greenback rallied across the board after the Fed decided to leave rates unchanged but stated it will assess whether it is appropriate to raise rates “at its next meeting”.

    USD/CAD rose more than 100 pips from a session low of 1.3089 to a session high of 1.3224 before losing steam. At time of writing, the pair is trading at 1.3190, still 0.58% down on the day.

    The loonie was underpinned by a sharp increase in oil prices, with WTI climbing back above $46.00 a barrel.

    USD/CAD levels to watch


    As for technical levels, next support at 1.3089 (Oct 28 low) followed by 1.3065 (20-day SMA) and finally 1.2972 (100-day SMA). On the other hand, resistances could be found at 1.3278 (Oct 28 high), 1.3330 (Oct 1 high) and 1.3400 (psychological handle).
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