USD/CAD Price Analysis: Bulls eye 38.2% Fibo, bears eye 1.3300
|- USD/CAD bears ignited on FOMC minutes and eye 1.3300.
- Bulls could be on the verge of a meanwhile scalp with 1.3375 eyed.
The Canadian dollar bounced back on Wednesday against the greenback and all the other G10 currencies despite the drop in oil prices. USD/CAD ended the US session offered at 1.3350 after falling from a high of 1.3440 on the day. The Federal Open Market Committee minutes were dovish and this weighed on the US Dollar, propelling the greenback forward.
USD/CAD prior analysis
The pair has broken the trendline this month and had corrected back into the resistance making prospects of a downside continuation as illustrated on the following hourly chart also:
USD/CAD update
After the FOMC minutes, the price dropped to the first target of 1.3350:
There is further downside potential on a convincing close below here to 1.3300:
However, a correction could be in order first of all with 1.3375 as a possible resistance area.
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