USD/CAD Price Analysis: Greenback trades near May’s lows vs. Canadian dollar ahead of FOMC minutes

 

 

USD/CAD is trading below the main SMAs on the four-hour chart suggesting a bearish bias in the medium-term. The spot is trading close to the May’s lows as the bears remain in control. A break below the 1.3880 support can lead to further weakness towards the 1.3820 and 1.3760 levels. Retracements up are likely to find resistance near 1.3980, 1.4040 and 1.4080 levels in the medium-term. Meanwhile, the FOMC minutes will be released at 18.00 GMT.