USD/CAD Outlook (20th June 2019)

FX:USDCAD   U.S. Dollar / Canadian Dollar

Price Movement
Since yesterday, USD/CAD moved down by around 160pips.

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.

USD/CAD broke the support level of 1.32600.

Price Levels
Current Price: 1.32139
Next Resistance: 1.32600
Next Support: 1.31200
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