The USD/CAD established a high of the day at 1.2917 in the American session and then retreated back below the 1.2850 level after the FOMC's minutes. Now 1 usd to cdn at 1.2839, the Loonie is currently trading at around 1.2834 up 0.12% on Wednesday.
In fact, the FOMC’s minutes revealed that it would “soon be appropriate to hike", however, comments such as “many saw little evidence of overheating of the labor market with wage pressures still moderate” left traders with the impression that the Fed was not in a strong rush to hike.
In fact, most market participants "bought the rumor and sold the fact" as the US dollar traded down across the board after the report. However, it is worth noting that the greenback is still trading at multi-week highs.
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