- Neutral stance in FOMC
- USD/CAD testing resistance level
Price Movement
Since Monday, USD/CAD moved down by around 65pips before moving back up by around 65pips.
Trend
Overall, USD/CAD is trending upwards.
Important Issue
This morning, the Federal Reserve kept U.S. interest rate unchanged at 2.5%.
During the press conference, Fed Chair Jerome Powell said that “We do think our policy stance is appropriate right now, we don’t see a strong case for moving in either direction”, lowering the possibility of rate cut as speculated by some for the time being.
Despite a below 2% overall inflation on a 12-month basis, Powell considers this situation to be temporary and likely to revert.
Technical
USD/CAD is currently testing the resistance level of 1.34400.
Price Levels
Current Price: 1.34437
Next Resistance: 1.34400
Next Support: 1.32900