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Forex - USD/CAD remains slightly lower after Fed minutes

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Investing.com - The U.S. dollar remained slightly lower against the Canadian dollar on Wednesday after the minutes of the Federal Reserve's March meeting showed that policymakers remain divided over how long to stick with quantitative easing.

USD/CAD hit 1.0143 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0149, slipping 0.13%.

The pair was likely to find support at 1.0121, the low of April 5 and resistance at 1.0213, Tuesday's high.

Minutes from the Fed's March 19-20 meeting showed that a few policymakers saw QE tapering around midyear, while several others believed it would be appropriate to slow purchases later in the year and to stop them by year-end.

One member wanted to slow the bond purchases immediately, while two members indicated that the purchases might well continue at the current pace at least through the end of the year.

The meeting was held before U.S. nonfarm payrolls data showed that the U.S. economy added 88,000 jobs last month, far below forecasts for an increase of 200,000.

The loonie, as the Canadian dollar is also known, was little changed against the euro, with EUR/CAD dipping 0.06% to 1.3289.

The U.S. was to release official data on crude oil inventories later in the trading day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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