USD/CAD soars above the 20-day SMA after hawkish FOMC minutes USDCAD Majors Currencies
pair surged above the 20-day simple moving average , reaching 1.3285. The increase in yields, driven by members of the Committee supporting a 25 bps hike in the June meeting, favoured the US Dollar, contributing to the pair's upward momentum. However, the West Texas IntermediateBased on the minutes of the FOMC meeting in June, it was revealed that while some members of the Committee supported a 25 basis point increase despite agreeing to pause the hike temporarily.
Specifically, the 2-year yield rose to 4.95%, a 0.78% increase, while the rates for the 5-year and 10-yearRegarding the next Federal Reserve meeting in July, markets anticipate a 25 basis points hike. However, investors await crucial labour market data for the US from June on Thursday. The employment figures, to be released by the ADP Research Institute on Thursday, are expected to be around 228k, indicating a deceleration from the previous figure of 278k.
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