Daily Commentary & Market Insights, Oct.7, 2019

Good morning,

Today’s key event  will be FED chair Powell’s speech at 1PM. Powell will also weigh in on the state of the US economy in speeches tomorrow and Wednesday. Wednesday will also release the minutes of last month’s FOMC statement for more details into what lead the FOMC to cut rates at their last meeting. On Thursday we will await the release of US consumer price index for more insight on the rate of US inflation. Friday, will be a key day for Canada this week with the release of Canada jobs data. USDCAD consolidating at the midpoint of medium-term resistance range. 1.3383 – Sept 3 high still remaining as key resistance level and support locked to Sept 10 low of 1.3134.