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USD/CAD accelerates the drop to 1.2750

FXStreet (Edinburgh) - The greenback is now losing the grip vs. the Canadian dollar, dragging USD/CAD to session lows in the mid-1.2700s.

USD/CAD all eyes on the Fed

After hitting fresh multi-year highs near 1.2840, the pair initiated the current leg lower to the 1.2760/50 area as the selling mood around the greenback grew bigger. Ahead in the session, the FOMC gathering and subsequent press conference by Chairwoman J.Yellen will dictate the near term direction for the greenback. Market participants will scrutinize the statement, with the wording used by the Committee in the centre of the debate.

USD/CAD relevant levels

The pair is now losing 0.19% at 1.2763 and a breakdown of 1.2750 (low Mar.17) would expose 1.2735 (low Mar.16) and then 1.2681 (low Mar.13). On the upside, the immediate hurdle lines up at 1.2845 (high mar 13 2009) ahead of 1.2900 (psychological level) and finally 1.2955 (high Mar.12 2009).

More steps from SNB to come? - Rabobank

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EUR/USD hits fresh daily highs ahead of FOMC statement

EUR/USD has managed to extend intraday gains to a fresh high during the American session, as the dollar faces mild selling pressure ahead of the FOMC decision.
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