USD/CAD Price Chart Outlook: Grind Lower Tests Key Support

USD/CAD Price Chart Outlook: Grind Lower Tests Key Support

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Spot USDCAD is trading at its lowest level since October 2018, but the recent downtrend could be jeopardized by technical support at the critical 1.3000 handle.

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Market Outlook

US
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Markets got chaotic after an off-hand comment from NY Fed President John Williams. Those comments were walked back as the Fed now enters the blackout period.
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EURO
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EURUSD may continue jumping if University of Michigan sentiment data shows weakness and amplifies what are already-aggressive Fed rate cut expectations
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ASIA
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The US Dollar is rising, S&P 500 futures are dropping as the markets might have overestimated aggressive Fed easing bets. AUD/USD failed to breach 2018 descending channel resistance.
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