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29 Jul 2015
USD/CAD turns positive post-Fed
FXStreet (Edinburgh) - The greenback has rebounded from lows near 1.2860 vs. its Canadian peer on Wednesday, now lifting USD/CAD above the 1.2900 mark.
USD/CAD bounces off 1.2860
The pair is now gathering further traction after the FOMC kept unchanged its Fed Funds range, broadly in line with market consensus. The Committee saw the economy expanding at a moderate pace in recent months and it has acknowledged the improvement in the labour market, although members would like to see ‘some’ further improvement. The Fed has also improved its assessment on the housing sector, noting at the same time a moderate increase in household spending.
All in all, a lift-off in September remains ‘on the table’, although the Fed needs to see more data before the tightening cycle begins.
USD/CAD key levels
As of writing the pair is advancing 0.06% at 1.2930 with the initial hurdle at 1.2969 (high Jul.29) followed by 1.3043 (high Jul.28) and then 1.3046 (high Jul.23). On the other hand, a break below 1.2861 (low Jul.29) would expose 1.2800 (psychological level) and finally 1.2728 (low Jul.16).
USD/CAD bounces off 1.2860
The pair is now gathering further traction after the FOMC kept unchanged its Fed Funds range, broadly in line with market consensus. The Committee saw the economy expanding at a moderate pace in recent months and it has acknowledged the improvement in the labour market, although members would like to see ‘some’ further improvement. The Fed has also improved its assessment on the housing sector, noting at the same time a moderate increase in household spending.
All in all, a lift-off in September remains ‘on the table’, although the Fed needs to see more data before the tightening cycle begins.
USD/CAD key levels
As of writing the pair is advancing 0.06% at 1.2930 with the initial hurdle at 1.2969 (high Jul.29) followed by 1.3043 (high Jul.28) and then 1.3046 (high Jul.23). On the other hand, a break below 1.2861 (low Jul.29) would expose 1.2800 (psychological level) and finally 1.2728 (low Jul.16).