Frequency response analysis (FRA) is considered as an accurate, fast, effective and sensitive method for detection of mechanical defects within power transformers, providing worthy information on active part structure. FRA measurement has been industrialized and employed since the last decade while FRA spectrum interpretation is still under development. The interaction of distributed resistances, series and shunt capacitances as well as self- and mutual-inductances in transformer winding leads to FRA spectrum oscillations. In fact, each and every parameter has its own impact on this spectrum. This study has concentrated on shunt capacitance influences on frequency response spectrum oscillations in Bode diagram. Shunt capacitance impacts on low-, mid- and high-frequency bands of FRA spectrum are discussed. A practical study on a single phase air-core glassy model transformer is carried out to explore the influence of shunt capacitances of HV and LV windings with respect to the transformer tank on FRA spectrum. In addition, a single phase 11/0.25 kV, 25 kVA core type distribution transformer is also tested to evaluate the shunt capacitance impacts on FRA fluctuations.