USD/CAD soars to a three-month high, above 1.3500 post-FOMC minutes release

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• Fed officials unanimously aim for the 2% inflation target, but divisions arise on the next steps.
• The US Dollar Index (DXY) reflects the greenback’s strength, rising 0.29% to 103.497, supported by rising US Treasury bond yields.
• USD/CAD’s bullish momentum is evident as it trades above the 200-day Moving Average, with key levels around the 1.3545 high and the R1 pivot at 1.3520.

USD/CAD climbs above 1.3500 and refreshes a three-month high at 1.3539 after the Federal Open Market Committee (FOMC) revealed its July monetary policy minutes, offering split views amongst Fed board members while committing to its goal of inflation of 2%. The USD/CAD is trading at around 1.3520/40 amidst a volatile session, with more than 0.20% gains.