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USD/CAD Price Analysis: Pull-back underway post Fed volatility

December 16, 2021 by admin 0 Comments

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USD/CAD has been pressured mid-week following an irregular reaction to an uber hawkish Federal Reserve meeting from overnight.

The US dollar was put under immense pressure and the jury is still out on the cause other than there was no specific confirmation of when a rate rise will come about and economic performance remains the key. Additionally, position squaring into the eleventh hour of the holiday season could have played a role.

Meanwhile, the price on the hourly chart is starting to correct from the post-Federal reserve sell-off.

USD/CAD H1 chart

This leaves the Fibonacci scale vulnerable for a significant test of the 38.2% retracement that has a confluence with the prior structure near 1.2860/80 for the coming sessions.

This article was originally published by Fxstreet.com. Read the original article here.