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USD/CAD has shown a great amount of bullish pressure after the FOMC meeting minutes and Federal Funds Rate were published recently. USD has showed great amount of gains over other currencies after high impact economic reports were published. The Federal Funds rate statement was published as expected at 1.25%. As for the FOMC Press Conference, the policymakers showed interest in the rate hike for December which helped the currency to gain more over CAD and change the market sentiment. Today USD Unemployment Claims report is going to be published which is expected to show an increase to 302k from the previous figure of 284k. As the increase in unemployment claims is negative in nature, any worse-than-expected results will help the USD to sustain the gains. Along with it, Philly Fed Manufacturing Index report is going to be published which is expected to show some decrease to 17.3 from the previous figure of 18.9. On the other hand, CAD Wholesale Sales report is due today which is expected to show greater deficit towards -0.7% from the previous negative value of -0.5%. To sum up, amid recent USD gains over CAD the market sentiment has changed which is expected to go in favor of USD for coming days.
Now let us look at the technical chart. The price has shown a great amount of bearish rejection yesterday after the FOMC meeting and Funds rate statement was published. Currently the price is residing above the dynamic level of support which is likely to help in the bullish gains towards 1.2415 and later towards 1.2700. As the price remains below 1.2700, the long-term bearish bias is set to continue.
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