- FED in no position to assess rate hike
- USD/CAD rejected resistance level
- World Economic Forum Annual Meetings Day 3
Price Movement
Since yesterday, USD/CAD has been moving downwards.
Trend
Overall trend for USD/CAD is downtrend.
Macro Background
No major economic data release.
Important Issue
Due to ongoing Government Shutdown, the Federal Reserve will be in no position to appropriately assess the next rate hike. Thus, it is likely that the Federal Funds Rate will remain at 2.50% next week during FOMC. Instead, focus on the press conference to receive possible hints on the next rate hike.
Day 3 of the World Economic Forum annual meeting. Comments made by highly influential figures may cause market volatility.
Technical
USD/CAD tested and rejected the resistance level of 1.33570.
Price Levels
Current Price: 1.33169
Next Resistance: 1.33570
Next Support: 1.32108