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Forex - USD/CAD trading close to 6-week lows

Published 04/09/2014, 09:09 AM
Updated 04/09/2014, 09:09 AM
U.S. dollar at six-week lows against Canadian dollar

U.S. dollar at six-week lows against Canadian dollar

Investing.com - The U.S. dollar was trading close to six-week lows against the Canadian dollar on Wednesday as investors looked ahead to Federal Reserve minutes later in the trading day.

USD/CAD edged up 0.06% to 1.0929, not far from Monday’s lows of 1.0911, the weakest since February 19.

The pair was likely to find support at 1.0890 and resistance at 1.0975, Tuesday’s high.

The dollar remained softer after last week’s U.S. payrolls report came in slightly below expectations. Market watchers were looking to the Fed minutes for further indications on the future direction of U.S. monetary policy.

Fed Chair Janet Yellen said recently that slack in labor markets showed accommodative policies will still be needed for some time.

The greenback weakened across the board on Tuesday, as sharp losses against the yen weighed. The yen was boosted after the Bank of Japan indicated that it was unlikely to implement further stimulus measures in the short term.

BoJ Governor Haruhiko Kuroda said the economy can weather a sales tax increase without further monetary policy measures to offset it. He added that growth and inflation were likely to continue to pick up in the coming months.

The loonie, as the Canadian dollar is also known, edged higher against the yen on Wednesday, with CAD/JPY inching up 0.105 to 93.31, recovering from Tuesday’s lows of 93.68.

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