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USD/CAD slumps to 1.1130 post-FOMC

FXStreet (Edinburgh) - The greenback is losing earlier gains after the FOMC released its minutes, dragging USD/CAD back to the 1.1130 area.

USD/CAD weaker on dovish FOMC

The pair is now intensifying the sell off following the FOMC minutes, after the Committee pledged for more patience regarding changes in the current ‘forward guidance’. It has also stressed that the current scheme remains data dependent and that the US economic growth prospects could be affected by a global economic slowdown. Regarding the US dollar, members considered the actual levels of the greenback as a potential headwind for exports and that it might slow the upside of consumer prices.

USD/CAD key levels

The pair is now losing 0.21% at 1.1150 with the immediate support at 1.1129 (low Oct.7) followed by 1.1111 (low Oct.6) and finally 1.1100 (psychological level). On the upside, a surpass of 1.1210 (61.8% of 1.1274-1.1111) would aim for 1.1265 (high Oct.6) and then 1.1300 (psychological handle).

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