USD/CAD Outlook (31st January 2019)

• USD/CAD broke support level
  
• U.S. Interest Rates
  

Price Movement
Since yesterday, USD/CAD has moved down by more than 100pips.

Trend
USD/CAD is trending downwards.

Macro Background
This morning (0300 SGT), the Federal Reserve kept the Federal Funds Rate unchanged as expected and the market reacted to the FOMC statement and Press Conference negatively, resulting in USD/CAD moving down.

Important Issue
None.

Technical
This morning, USD/CAD broke the support level of 1.32108 after the release of the Federal Funds Rate.

Price Levels
Current Price: 1.31386
Next Resistance: 1.32108
Next Support: 1.30732