USD/CAD offered near 1.3170 ahead of EIA, FOMC

The greenback is now intensifying its decline vs. its Canadian neighbour, dragging USD/CAD to the 1.3175/70 band.

USD/CAD attention to EIA, FOMC

The pair is extending the leg lower after the recent rejection from highs around 1.3240 on Tuesday ahead of the weekly report on crude inventories by the EIA and the FOMC meeting.

Recall that there will be no press conference or updated forecasts by the FOMC today, although market consensus sees the Committee’s statement coming in on the hawkish side.

USD/CAD significant levels

As of writing the pair is losing 0.14% at 1.3170 facing the next down barrier at 1.2858 (low Jul.14) followed by 1.2827 (low Jul.4) and finally 1.2674 (low Jun.23). On the other hand, a breakout of 1.3244 (high Jul.26) would target 1.3311 (38.2% Fibo of the 2016 down move) en route to 1.3575 (50% Fibo of the 2016 down move).