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USD/CAD extends the correction to 1.0940

FXStreet (Edinburgh) - The impetus around the greenback seems to be fading now, with the USD/CAD returning to the 1.0950/40 band.

USD/CAD focus on the FOMC minutes

Spot is looking to consolidate the recent bounce off the 1.0870/60 area, regaining the 1.0900 handle and beyond, all supported by the upbeat bias in the US dollar. Ahead in the day, the most relevant event will be the FOMC minutes, where traders will look for any clues regarding the start of the hiking cycle in the US economy. Data wise in the land of the fabulous maple syrup, Wholesale Sales expanded at a monthly pace of 0.6% in June, missing forecasts and coming down from May’s 2.3% gain.

USD/CAD levels to watch

At the moment the pair is advancing 0.02% at 1.0945 facing the next hurdle at 1.0986 (high Aug.6) followed by 1.1007 (high May 2) and finally 1.1053 (high Apr.23). On the flip side, a breach of 1.0924 (10-d MA) would open the door to 1.0879 (21-d MA) and then 1.0870 (200-d MA).

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