The USD/CAD pair declined on Thursday as greenback sank a day after the U.S. Federal Reserve refrained from signaling an acceleration of interest rate hikes. The Fed raised rates for a second time in three months on Wedn…
The USD/CAD pair declined on Thursday as greenback sank a day after the U.S. Federal Reserve refrained from signaling an acceleration of interest rate hikes.
The Fed raised rates for a second time in three months on Wednesday but both the policy-setting committee and Chair Janet Yellen said future increases will be gradual.
The move dashed market expectations that the U.S. central bank would adopt hawkish rhetoric following a batch of stronger-than-expected economic indicators.
The currency pair is trading around 1.3320 levels and it is set to decline towards 1.3270 and 1.3240 in the short term.
To the upside, the strong resistance can be seen at 1.3384, a break above will take the pair towards next resistance level at 1.3480.
To the downside immediate support can be seen at 1.3277 levels, a break below will open the door towards next level at 1.3208.
