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18 Mar 2015

USD/CAD finds support at 1.2600 post-FOMC

FXStreet (Edinburgh) - The US dollar has quickly depreciated vs. its Canadian counterpart following the dovish tone from the FOMC statement, dragging USD/CAD to the vicinity of 1.2600.

USD/CAD in multi-day troughs

The pair trimmed recent gains and is now trading back to levels last seen a week ago following the dovish bias from today’s FOMC statement. The Committee deemed unlikely a rate hike in April although Chairwoman Yellen did not rule out a lift-off after the April meeting. Although the FOMC dropped the ‘patient’ stance on interest rate guidance, it now needs to be ‘reasonably confident’ that the inflation is on its way to the 2% target before raising rates.

In her press conference, Yellen said rate hikes will hinge on incoming data and that the slack in the labour market is shrinking helped by economic growth. Regarding the level of USD, she argued that a strong dollar could imply lower consumer prices for longer.

USD/CAD relevant levels

The pair is now losing 0.84% at 1.2680 and a breakdown of 1.2604 (low Mar.18) would expose 1.2600 (psychological level). 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).
Mar 18, 2015

AUD/USD: Bid on a slightly dovish FOMC statement

AUD/USD is currently trading at 0.7730 with a high of 0.7753 and a low of 0.7589.
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Mar 18, 2015

USD/CHF plummets to 0.9805 after FOMC

The USD/CHF pair accelerated the decline after the release of the FOMC statement and dropped from 0.9925 to 0.9805, reaching the lowest level since March 6. The Swiss franc is having the best performance against the US dollar since the January 15, when the Swiss National Bank abandoned the EUR/CHF cap.
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