- USD/CAD remains on the back foot as Powell is confident on the economic recovery.
- The Fed leaves rates unchanged as expected.
- The level to beat for sellers is the 1.3850 support.
USD/CAD four-hour chart
USD/CAD is trading below the main SMAs on the four-hour chart while nearing the April lows. The is dropping and approaching the 1.3800/1.3850 support zone. A break below those levels can lead to further downside towards the 1.3710 support level. On the flip side, resistance can emerge near 1.3975 and 1.4070/1.4115 price zone. Jerome Powell, Fed Chairman, is confident that the recovery of the economy is back on track, putting some pressure on USD as a safe-haven.
Resistance: 1.3975, 1.4070, 1.4115
Support: 1.3850, 1.3800, 1.3710
Additional key levels