Canadian dollar underperforming on Wednesday, DXY US: Economic data below expectations, FOMC minutes due at 19:00 GMT. The USD/CAD bounced from the lowest level since April 2018 at 1.2628 to 1.2722, before stabilizing around 1.2700. The pair is modestly higher for the day after a recovery across the board of the US dollar even as Wall Street jumps. Market participants await the release of the FOMC minutes. The economic report from the US came in below expectation, particularly the ADP employment. On Friday, the NFP is due and also the official labor report in Canada. The greenback gained momentum despite US data boosted by higher US yields. The moves in the bond market take place after the election for the US Senate. The loonie is also falling versus NZD and AUD amid risk appetite, even as crude oil prices hit fresh highs. From a technical perspective, the trend in USD/CAD is bearish, but in the very short-term, the bounce from the lows alleviated the downside pressure. A recovery above 1.2735 would offer more support to the dollar that could rose further to test 1.2770. On the flip side, the loonie needs a consolidation below 1.2670 to expose the daily low. Technical levels 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 US Sen. Democratic Leader Schumer: Priority is sending $2,000 stimulus checks to Americans FX Street 11 months Canadian dollar underperforming on Wednesday, DXY US: Economic data below expectations, FOMC minutes due at 19:00 GMT. The USD/CAD bounced from the lowest level since April 2018 at 1.2628 to 1.2722, before stabilizing around 1.2700. The pair is modestly higher for the day after a recovery across the board of the US dollar even as Wall Street jumps. Market participants await the release of the FOMC minutes. The economic report from the US came in below expectation, particularly the ADP employment. On Friday, the NFP is due and also the official labor report in Canada. The greenback gained momentum despite… Top 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.
