USD/CAD struggles to hold above 1.2500, eyes on FOMC Minutes

  • USD/CAD rose above 1.2500 during the American session.
  • US Dollar Index stays in the positive territory above 92.60.
  • WTI extends slide, trades below $72 after earlier rebound.

After moving sideways around 1.2450 during the European trading hours, the USD/CAD pair gained traction in the second half of the day and reached its highest level since late April at 1.2519. However, the pair erased the majority of its daily gains and was last seen trading at 1.2475, where it was up only 0.1% on a daily basis.

DXY clings to modest gains ahead of FOMC minutes

The renewed USD strength in the early American session and falling crude oil prices helped USD/CAD push higher. Following Tuesday's sharp decline, the barrel of West Texas Intermediate slumped to its lowest level since June 18 at $71.06 on Wednesday before staging a modest rebound. At the moment, WTI is down 2.5% on the day at $71.90.

On the other hand, the US Dollar Index (DXY) advanced to a fresh three-month high of 92.84 as the USD continued to find demand with American traders entering the market. Currently, the DXY is up 0.15% at 92.67.

The only data from the US revealed on Wednesday that the number of job openings on the last business day of May was little changed at 9.2 million. Later in the session, the FOMC's June meeting minutes will be looked upon for fresh impetus. Investors will look for fresh clues regarding the timing of tapering. In case the publication reaffirms the hawkish tilt in the FOMC's policy outlook, the USD is likely to gather further strength and vice versa.

Technical levels to watch for


Today last price 1.2474
Today Daily Change 0.0013
Today Daily Change % 0.10
Today daily open 1.2461
Daily SMA20 1.2304
Daily SMA50 1.2201
Daily SMA100 1.2383
Daily SMA200 1.2657
Previous Daily High 1.2495
Previous Daily Low 1.2303
Previous Weekly High 1.245
Previous Weekly Low 1.2288
Previous Monthly High 1.2487
Previous Monthly Low 1.2007
Daily Fibonacci 38.2% 1.2421
Daily Fibonacci 61.8% 1.2376
Daily Pivot Point S1 1.2344
Daily Pivot Point S2 1.2228
Daily Pivot Point S3 1.2153
Daily Pivot Point R1 1.2536
Daily Pivot Point R2 1.2611
Daily Pivot Point R3 1.2728



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Bulls step in at month-end, eyeing the upside

EUR/USD is set to close off a bearish week towards a test of 1.11 the figure after breaking out of the bearish weekly wedge to the downside. Bulls have an eye on the weekly M-formation and prospects of a significant correction. 


GBP/USD slumps toward 1.3350, renews five-week lows

GBP/USD stays under constant bearish pressure on Thursday and trades at its lowest level since late December below 1.3370. Following the upbeat growth data from the US, the US Dollar Index is rising more than 0.7% on the day above 97.00. 


Gold licks wounds at three-week low near $1,800 amid firmer USD

Gold bears take a breather around $1,797 as Friday’s Asian session begins, following a $50 slump in the last two consecutive days to a three-week low. The yellow metal awaits fresh clues after piercing the $1,800 threshold the previous day.

Gold News

Bitcoin struggles against resistance as bulls keep their eye on $40,000

Bitcoin price action faced intense selling pressure after the Fed’s decision, with Bitcoin losing more than 5% from its Wednesday high. If the sell-off from the top wasn’t discouraging enough for bulls, then the daily close in the red certainly added insult to injury.

Read more

Apple (AAPL) Earnings for Q1 beats estimates on EPS and revenue

Apple (AAPL) reported earnings after the close on Thursday. Earnings per share (EPS) came in at $2.10 versus the estimate of $1.89. Revenue was $123.9 billion versus the estimate for $118.66 billion. AAPL is trading at $162.40 in Thursday's aftermarket, a change of 2% versus the regular session close of $159.16.

Read more