USD/CAD spikes to 1.3000 after FOMC minutes

USD/CAD soared to the 1.3000 area as the greenback rallied across the board after FOMC minutes showed June rate hike is “likely”.

According to the minutes, most FOMC members believe a rate hike in June is likely if data showed an improving economy.

USD/CAD rose more than a hundred pips in a matter of minutes and reached a 9-day peak of 1.3004. The pair was last trading at 1.2992, recording a 0.69% gain on the day.