USD/CAD drops to 1.2830 after FOMC minutes

USD/CAD dropped after the release of the FOMC minutes that weakened the US dollar across the board. The pair fell from 1.2875 to 1.2828. Then it bounced modestly off daily low sand it was trading at 1.2845/55, marginally lower for the day.

The minutes showed differences between FOMC members about the timing of the tightening cycle back in July when the Fed kept interest rates unchanged. Stocks in Wall Street recovered further and now the Dow Jones is up 0.08%. Crude oil reached fresh highs with the WTI barrel approaching $47.00. Rising crude oil prices pushed USD/CAD to the downside during the American session.

Technical levels

To the downside, support levels might be located at 1.2825/30 (daily low), 1.2795 (Aug 16 low) and 1.2755/60 (Jun 21 low). On the opposite direction, resistance could be seen at 1.2890 (intraday level), 1.2915 (daily high) and 1.2970/75 (Aug 15 high).