USD/CAD trading at 55-day MA (New York) - The USD/CAD foreign exchange rate has managed to regain the 1.0500 level Wednesday morning during US trading, despite a previous stumble towards 1.0494 (intraday low).

Economic data has been few and far between to start off the trading week, and today has been no exception. However, the all-important FOMC minutes are slated to be the paramount event of the day, which will begin at 18:00 GMT.

USD/CAD trading above support

In these moments, the USD/CAD is now trading at 1.0515 during US trading, clinging to its 55-day MA, whilst incurring a minor loss -0.07% off its opening. analysts identify the next short-term measures of support at 1.0505, then 1.0479, and finally 1.0445. Meanwhile, resistance lies higher at 1.0565, onto 1.0599, and 1.0625.

USD/CAD maintains heavy tone

According to the TD Securities Team, “The USD/CAD retains a heavy tone on the charts, continuing the unwind from the 1.0600 levels touched last week, the top of the broader bull channel in place over the past few months. We look for support in the 1.0475 area intraday and consider 1.0421, the late May high, key support now. Ultimately, weakness below here could see the USD correction extent back to the 1.02/1.0300 area in the next couple of weeks.”