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Overall, USD/CAD is trending downwards. Recently, USD/CAD bounced off the support zone of 1.31800 after the release of the dovish FOMC meeting minutes, causing a strong sell-off in the stock and bond markets, thus pushing the USD higher. The Canadian CPI m/m data (Actual: 0.0%, Forecast: 0.4%, Previous: 0.8%) released yesterday indicated no increase in inflation for July for all goods and services purchased by consumers. USD/CAD’s next support zone is at 1.31800 and the next resistance zone is at 1.33500. Look for short-term buying opportunities of USD/CAD.