USD/CAD is trading at 1.37726, 0.23% down since previous day close. The resurging USD which tested almost three-month highs on Tuesday post release of Fed testifying speech led a strong selling pressure in other major currencies. The FOMC Powell stated the likelihood of higher interest rate hikes in the near future in order to curb down the inflation rate. The selloff in Oil prices weakened the Canadian Dollar (CAD) since they are directly correlated. However, the focus will remain on today’s BoC meet wherein an interest rate is expected to be kept unchanged. As seen in the chart, the pair seems crossed over the cluster resistance of multiple previous highs & enters into a breakout zone. Selling bias in CAD may be suggested against the USD for the day.

GER30 is trading at 15527.8, 0.11% down since previous day close. The European shares turned lower on Tuesday after U.S FOMC Jerome Powell hinted for a higher rate hike stance in near future in order to control an inflation rate. However, an impending Fed Powell speech due today will be closely monitored. Besides this, the outcome of U.S NFP data later in this week will remain vital for indices. Last week, the GER30 traded at higher levels as investors FOMC monetary fear seems to be eased down. The result of German Retail Sales & Industrial Production data will remain in focus for the day. As seen in the chart, the index is consolidating at higher levels & a further upside may lead an index to test the next possible target of 15900. Sideways trading may be seen for the day.

Silver is trading at $19.961, 0.29% down since previous close. A heavy sell-off can be seen in precious metals against the three-months high US Dollar Index after U.S Fed Powell hinted for chances of higher interest rate hikes in upcoming months in order to tame down the inflation rate. Besides this, the traders will be looking forward to the result of U.S NFP data release due later in this week. The weak Chinese GDP forecast over this weekend led slight selling pressure in Silver since China is a major consumer of metals. The result of U.S ADP figures will be closely monitored for the day. As seen in the chart, the Silver is trading near Fibo level 61.8 which acts as major support level. Either side breakout can be seen further.