“¢ Resurfacing US-China trade tensions helped revive the USD demand. “¢ A modest pull-back in oil prices undermine Loonie and remain supportive. “¢ Focus remains on the latest FOMC monetary policy update, due later today. The USD/CAD pair traded with a positive bias through the early European session and built on the overnight sharp rebound from over two-week lows. Despite the prevalent strong bullish sentiment surrounding crude oil prices, which tend to underpin demand for the commodity-linked currency – Loonie, the pair showed remarkable resilience below 50-day SMA and staged a solid bounce during the US trading session on Tuesday. The recovery extended through the early part of Wednesday’s trading session and was further fueled by a combination of supporting factors – a modest pickup in the US Dollar demand and a subdued action around crude oil prices, amid reemerging US-China trade tensions. Bloomberg report that some US officials expressed concern that China is pushing back against the US demands in trade talks provided a minor boost to the greenback’s relative safe-haven status and prompted some profit-taking trade around oil markets. The up-move, however, lacked strong bullish conviction as investors now seemed reluctant to place aggressive bets, rather preferred to wait on the sidelines ahead of today’s key event risk – the latest FOMC monetary policy update, due to be announced later today. The key focus will be on the accompanying monetary policy statement, which coupled with the updated economic projections might help investors determine the greenback’s near-term trajectory and eventually provide some fresh directional impetus to the major. 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 Canada: Inflation likely to firm slightly to 1.5% in February – TDS FX Street 4 years "¢ Resurfacing US-China trade tensions helped revive the USD demand. "¢ A modest pull-back in oil prices undermine Loonie and remain supportive. "¢ Focus remains on the latest FOMC monetary policy update, due later today. The USD/CAD pair traded with a positive bias through the early European session and built on the overnight sharp rebound from over two-week lows. Despite the prevalent strong bullish sentiment surrounding crude oil prices, which tend to underpin demand for the commodity-linked currency - Loonie, the pair showed remarkable resilience below 50-day SMA and staged a solid bounce during… 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.