Powell's Congressional Testimony and USD/CAD Technical Analysis: Market Focus on Fed Rate Path
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Powell testifies on the Hill
Fed Chair Powell will testify before Congress on Wednesday and Thursday and will face questions about the Fed’s rate path.
The Fed paused at this month’s meeting but is expected to raise rates at the July meeting. Powell has said that he can pull off a soft landing that will avoid a recession and large layoffs, but many lawmakers remain concerned that more rate hikes this year will cause significant damage to the US economy.
USD/CAD Technical
- USD/CAD is testing resistance at 1.3253. Above, there is resistance at 1.3329
- 1.3175 and 1.3047 are providing support lines
