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Markets

Forex - USD/CAD slips lower ahead of Fed

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Investing.com - The U.S. dollar slipped lower against the Canadian dollar on Wednesday as markets awaited the outcome of the Federal Reserve's policy meeting later in the trading day.

USD/CAD hit 1.0238 during early U.S. trade, the session low; the pair subsequently consolidated at 1.0257, slipping 0.10%.

The pair was likely to find support at 1.0214, Tuesday's low and resistance at 1.0282, Tuesday's high.

Investors were focusing on the Fed's policy statement after data last week showing that U.S. inflation was contained left the way clear for the bank to continue its asset purchase program.

Fed Chairman Ben Bernanke was to give a press conference after the release of the policy statement.

Overall market sentiment was supported by optimism that a solution on a bailout deal for Cyprus would be found the country's parliament rejected a controversial bank deposit tax, a condition of a EUR10 billion international bailout deal.

The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.42% to 1.3285.

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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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