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EUR/USD rejected at 1.1421, Fed undecided on timing of lift-off

FXStreet (Mumbai) - The EUR/USD pair was offered at the high of 1.1421 and now trades around 1.1390 levels even though Fed chairwoman Yellen refrained from throwing light on the timing of the liftoff.

Struggles to move back above 1.14

The spot appears making another attempt to move above 1.14 levels after Yellen said the policymakers want to see some further improvement in the labor market before the rates could be moved. Yellen also said the low inflation is likely to be transitory and the overseas turmoil could have an undesirable effect on the economy.

So far the dovish tone carried by Yellen’s speech has not led to fresh sell-off in the USD, although the two-year treasury yield has extended losses to fresh session low of 0.718%.

EUR/USD Technical Levels

The immediate resistance is seen at 1.1436 (June 18 high), above which the spot could extend gains to 1.15 levels. On the other side, the support is seen at 1.13 and 1.1229 (200-DMA) levels.

USD/CAD drops to 1.3100 as Fed delays liftoff

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.
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