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USD/CAD drops to 1.3100 as Fed delays liftoff

FXStreet (Córdoba) - USD/CAD dropped quickly almost a hundred pips after the Federal Reserve announced that it left interest rate unchanged. The pair bottomed at 1.3099, hitting the lowest level since August 21. Afterwards bounced to the upside and it was trading around 1.3130. If USD/CAD ends the day around current price it would post the weakest close in a month.

The loonie rose versus the US dollar while crude oil price remained steady. The WTI barrel remained around $47 after the FOMC statement.

Greenback slide in the market and reached fresh lows across the board as traders now get ready for Janet Yellen press conference. The FOMC offered no clues about when rates could rise. According to the new FOMC projections 13 officials see a rate hike in 2015 compared with previous 15.

USD/CAD levels to watch

So far the decline of the US/CAD has been capped by the 1.3100 area. A break lower would expose 1.3050/60 and below 1.2950 (August lows). On the upside, the pair needs to rise back above 1.3200 to remove bearish pressure.

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