#USDCAD @ 1.37987 setting up for a blow-off on FOMC minutes?

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• USD/CAD setting up for a blow-off on FOMC minutes?
• The price is wedged into a consolidation ahead of the minuets and a breakout could be imminant.

As the following technical analysis of USD/CAD will show, the pair has been consolidating in a range at the top of the ‘box’ below weekly, monthly and yesterday’s highs. This could serve as a key resistance and depending on how the minutes come out, there could be a significant reaction with the path of least resistance tiled to the downside:

As illustrated above, the price has carved out the ‘cox’ which is the range between the recent highs and lows. It has recently slid out behind the dynamic trendline support which could equate to a sell-off towards key supports around the FOMC event. If, however, the minutes turn out to be hawkish, on top of today’s Producer Price Index that was better than expected, and in anticipation of much of the same from tomorrow’s Consumer Price index, then the weekly, and monthly highs could come under pressure to the upside:

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