USD/CAD Outlook (31 October 2019)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended upwards, breaking the resistance level of 1.31500.

The Bank of Canada (BoC) kept interest rate unchanged at 1.75%.
The BoC expects growth in Canada to slow down in the second half of 2019 due to trade war uncertainty, continuing adjustment in the energy sector and the unwinding of temporary factors including higher prices for air travel, mobile phones and food items that boosted growth in the second quarter.

USD/CAD’s next support level is at 1.31500 and the next resistance level is at 1.33300.