USD/CAD holds positive ground above the 1.3500 mark, focus on FOMC Minutes

USD/CAD trades in positive territory for the fourth consecutive day around 1.3526.
The Canadian CPI came in weaker-than-expected, climbing 2.9% YoY in January from a 3.4% rise in December.
The hotter-than-expected US inflation data last week lowered the hope for rate cuts from the Fed.
The FOMC Meeting Minutes will be in the spotlight on Wednesday.

Lallalit Srijandorn FXStreet

The USD/CAD pair gains ground above the 1.3500 mark during the early Asian trading hours on Wednesday. A weaker-than-expected Canadian inflation data weighs on the Canadian Dollar (CAD) and acts as a tailwind for USD/CAD. The attention is shifted to the FOMC Meeting Minutes on Wednesday. The pair currently trades near 1.3526, up 0.03% on the day.

Statistics Canada revealed on Tuesday that the nation’s Consumer Price Index (CPI) climbed 2.9% YoY in January from a 3.4% rise in December, below the market consensus of 3.3%. The inflation data eased into the central bank’s control range for the first time since June, and it might convince the Bank of Canada (BoC) to start considering rate cuts in the coming months.

Meanwhile, the oil prices face some profit-taking and retraces from the three-month highs, which might exert some selling pressure on the commodity-linked Loonie as Canada is the largest oil exporter to the United States (US).

On the other hand, the stronger-than-expected US Consumer Prices Index and Producer Price Index (PPI) last week trimmed hope for a rate cut from the Federal Reserve (Fed) in March. Traders have priced in a 60% odds of no rate cut in the May meeting, while pricing in an 80% chance of at least a 25 basis point (bps) cut in June, according to the CME FedWatch Tool.

Market players will closely watch the FOMC Meeting Minutes, due later on Wednesday. The Canadian Retail Sales for December will be due on Thursday, which is expected to improve to 0.8% MoM versus the previous reading of a 0.2% decline.

USD/CAD

Overview
Today last price	1.3521
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.3522

Trends
Daily SMA20	1.3474
Daily SMA50	1.3409
Daily SMA100	1.3549
Daily SMA200	1.3478

Levels
Previous Daily High	1.353
Previous Daily Low	1.3472
Previous Weekly High	1.3586
Previous Weekly Low	1.343
Previous Monthly High	1.3542
Previous Monthly Low	1.3229
Daily Fibonacci 38.2%	1.3508
Daily Fibonacci 61.8%	1.3494
Daily Pivot Point S1	1.3486
Daily Pivot Point S2	1.345
Daily Pivot Point S3	1.3429
Daily Pivot Point R1	1.3544
Daily Pivot Point R2	1.3566
Daily Pivot Point R3	1.3601

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

GBP/USD retreats below 1.3450; Fed Minutes in focus

GBP/USD struggles to find its footing and edges lower in the European session, pressured by the renewed USD strength. US President Donald Trump said on the MoU signed with Iran to end the conflict was "over", causing safe-haven flows to dominate the action in financial markets and boosting. Later in the American session, the Fed will publish the minutes of the June policy meeting.

EUR/USD falls toward 1.1400 as USD gathers strength on Trump comments

EUR/USD comes under bearish pressure in the European session and declines toward 1.1400. US President Trump said the MoU signed with Iran to end the conflict was "over" and added that the didn't want to engage with Tehran anymore, triggering a flight-to-safety and boosting the USD.

Gold drops below $4,100 as Middle East tensions escalate

Gold turns south in the European session on Wednesday and trades deep in negative territory below $4,100. Investors adopt a cautious stance after US President Trump said at the NATO summit that the MoU signed with Iran to end the conflict was "over" and added he didn't want to engage with Tehran.

Pi Network crashes to a record low amid broader market stress

Pi Network (PI) price edges toward $0.1000 extending losses for the fifth straight day. Retail sentiment remains bearish as Open Interest and the funding rate decline. The technical outlook for PI is bearish as selling pressure mounts, despite oversold conditions.

WTI surges above $74 as Trump confirms MoU with Iran is over

West Texas Intermediate (WTI) soars 3.2% to near $74.30 during the European trading session, the highest level seen in two weeks. The oil price surges as the confirmation, from the US President Donald Trump that the MoU with Iran is over, has revived risks of global energy supply disruption.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.