USD/CAD challenges lows near 1.3130

Pablo Piovano FXStreet

The greenback is prolonging its downbeat momentum today, dragging USD/CAD to the lower end of the daily range near 1.3130.

USD/CAD lower after FOMC

Spot’s downside picked up extra pace after the FOMC signalled it is in no rush to hike rates at its meeting on Wednesday, practically ruling out any announcement of higher rates at its gathering in September.

In the meantime, the renewed selling bias around the greenback has offset the ongoing decline in crude oil prices, with the barrel of West Texas Intermediate testing fresh lows in the $41.70 area following an unexpected build up in inventories during last week, according to the latest report by the EIA.

USD/CAD significant levels

As of writing the pair is losing 0.36% at 1.3140 and a breakdown of 1.3036 (20-day sma) would aim for 1.2975 (55-day sma) and finally 1.2858 (low Jul.14). On the flip side, the immediate up barrier aligns at 1.3244 (high Jul.26) followed by 1.3311 (38.2% Fibo of the 2016 down move) and then 1.3575 (50% Fibo of the 2016 down move).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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