#USDCAD @ 1.33505 bears ignited on FOMC minutes and eye 1.3300.
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- USD/CAD bears ignited on FOMC minutes and eye 1.3300.
- Bulls could be on the verge of a meanwhile scalp with 1.3375 eyed.
The Canadian dollar bounced back on Wednesday against the greenback and all the other G10 currencies despite the drop in oil prices. USD/CAD ended the US session offered at 1.3350 after falling from a high of 1.3440 on the day. The Federal Open Market Committee minutes were dovish and this weighed on the US Dollar, propelling the greenback forward.
The pair has broken the trendline this month and had corrected back into the resistance making prospects of a downside continuation as illustrated on the following hourly chart also:
After the FOMC minutes, the price dropped to the first target of 1.3350:
There is further downside potential on a convincing close below here to 1.3300:
However, a correction could be in order first of all with 1.3375 as a possible resistance area.
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