USD/CAD Fundamental Analysis: June 14, 2017 The USD/CAD pair exhibited a very weak price action during the previous trading session as there were no fundamental releases which could help in propping up the status of the currency pair. However, the currency pair might be able to redeem itself within the day once the FOMC releases its rate announcement and statement later on, although this could possibly be more of a downward movement for the pair. As of the moment, the USD/CAD pair could possibly continue its bearish price action at least until the medium term after the Bank of Canada declared that it will be making adjustments with regards to its overall outlook on the country’s economic and fiscal policies. Moreover, the central bank also hinted at a shift in its outlook with regards to its rates after the BoC decided to resume increasing its interest rates, which is a complete reversal of its current policy of cutting back on its rates. This recent move from the BoC shows the bank’s confidence with regards to the overall state of the Canadian economy. This is also a manifestation of the recent slew of Canadian economic data which all showed a marked improvement within the country’s economy. Although there were some concerns with regards to housing and banking, these were handled almost immediately and has enabled the country’s central bank to maintain its focus on the state of the economy. This has all contributed to the bullish undertone of the Canadian dollar and has caused the CAD to surge in value in spite of a recent drop in oil prices. For today’s session, the market will be focusing on the FOMC rate announcement, and a hawkish statement from the Fed could cause the USD/CAD pair to correct towards 1.3300 points, although it is likely that this move would be a mere bounce and the currency pair could resume its downward price action with 1.3100 as its next short-term goal.