Daily Commentary & Market Insights, Dec.10, 2019

Good morning,

After Friday’s US jobs data impressed the market spurring a bullish reversal in USD/CAD, the next major market event to look out for will be tomorrow’s FED interest rate decision. The FED is expected to keep rates unchanged at 1.75% after cutting rates three times this year. FED Chair Powel’s comments will be listened to closely after 2PM ET tomorrow – for any hints on the FED’s outlook of US monetary policy. Today, participants of the USMCA are meeting in Mexico to discuss the final amendments to the three country agreement. Major USD/CAD resistance remains at October double top of 1.3346 with support at 1.3159 December 5 post BoC announcement low.