Price Movement Since yesterday, USD/CAD moved down by around 160pips.
Trend USD/CAD is trending downwards.
Important Issue This morning, the U.S. FOMC kept the target range for interest rate unchanged at 2.25% to 2.5%.
In the FOMC Statement, the Committee finds that inflation nearing 2% is still a likely outcome, although they also mention that “uncertainties about this outlook have increased”.
From the FOMC Economic Projections, the Federal Reserve does not expect any rate cuts in 2019 as the central bank’s median target for the interest rate remains at 2.4% for 2019, unchanged from its March projection. However, the June’s projections projected a lower median target of 2.1% for 2020, hinting at possible rate cut(s) in 2020.
Technical USD/CAD broke the support level of 1.32600.
Price Levels Current Price: 1.32139 Next Resistance: 1.32600 Next Support: 1.31200