USD/CAD trims losses after FOMC minutes

The US dollar rose modestly across the board after the release of the Federal Reserve minutes from the latest meeting. USD/CAD climbed from 1.3100 to 1.3127, moving away from the lows.

Earlier during the American session, the pair bottomed at 1.3062 amid a rally in crude oil prices. Afterwards rebounded toward 1.3100 and recently attempted to rise further.

So far the US dollar has been unable to rise on top of the 20-hour moving average that stands at 1.3140 and also it holds below yesterday’s closing price. USD/CAD is about to post the first decline after rising during the previous three trading days.

FOMC minutes

Greenback gained some support after the FOMC document. According to it, several members debated about a rate hike in April. “Several (FOMC members) expressed the view that a cautious approach to raising rates would be prudent or noted their concern that raising the target range as soon as April would signal a sense of urgency they did not think appropriate,” minutes said. While “some other participants” considered that an increase might be warranted if economic data came in as expected.