USD/CAD PRICE ANALYSIS: THREATENING TO BREAK BELOW KEY TRENDLINE

• Negative comments from Chairman Powell have weakened the US Dollar. 
• USD/CAD is selling-off to a key trendline and is threatening to break below it.
• The MACD indicator, useful in a range bound market, is issuing a sell signal. 

The USD/CAD is down a tenth of a percent on Thursday in line with widespread US Dollar (USD) weakness, as traders digest Federal Reserve (Fed) Chairman Jerome Powell’s comments to US lawmakers on the Wednesday, during the first day of his testimony to Congress. 

The Greenback sold-off steeply on Wednesday after Powell affirmed that the Fed was planning to cut interest rates subject to inflation falling closer to target. USD/CAD was particularly hit as the Fed’s stance contrasts with the hawkish hold adopted by the Bank of Canada (BoC) at its last meeting