The USD fails to build on FOMC minutes-led positive move. Oil prices turn higher for the day and underpinned Loonie. The key focus will remain on Powell’s speech on Friday. The USD/CAD pair quickly retreated around 25-pips over the past hour or so and slipped below the 1.3300 round figure mark, back closer to the lower end of its daily trading range. The pair initially built on the overnight late recovery from the vicinity of mid-1.3200s – weekly lows rested in reaction to hotter-than-expected Canadian CPI report – and touched an intraday high level of 1.3315 amid a follow-through US Dollar buying, supported by Wednesday’s not so dovish FOMC meeting minutes. A modest USD pullback/pickup in Oil prices exert some pressure The greenback, however, lacked any strong bullish conviction, rather lost the positive momentum and turned out to be one of the key factors behind the pair’s sudden drop. This coupled with a pickup in Crude Oil prices further boosted the commodity-linked currency – Loonie and collaborated to the intraday pullback. Oil prices reversed an early dip and turned higher for the day, underpinned by the overnight Energy Information Administration (EIA) report that showed a larger-than-expected drawdown in the US inventories, though concerns about a slowing global demand growth might keep a lid on any strong follow-through. This coupled with the fact that investors might refrain from placing any aggressive bets ahead of the Fed Chair Jerome Powell’s scheduled speech at Jackson Hole on Friday might further help limit the downside amid a relatively thin US economic docket – featuring the release of flash manufacturing and services PMIs. Hence, it will be prudent to wait for a strong follow-through selling – possibly below the overnight swing lows support near mid-1.3200s – before confirming that the pair might have actually topped out in the near-term and positioning for the resumption of the prior/well-established bearish trend. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price analysis: BTC/USD now allergic to $10,000; probable target at $9,000 FX Street 4 years The USD fails to build on FOMC minutes-led positive move. Oil prices turn higher for the day and underpinned Loonie. The key focus will remain on Powell's speech on Friday. The USD/CAD pair quickly retreated around 25-pips over the past hour or so and slipped below the 1.3300 round figure mark, back closer to the lower end of its daily trading range. The pair initially built on the overnight late recovery from the vicinity of mid-1.3200s - weekly lows rested in reaction to hotter-than-expected Canadian CPI report - and touched an intraday high level of 1.3315 amid a follow-through… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
