SILVER TECHS: Fresh All-Time High

• BOC'S ROGERS SAYS CAD IS STILL PLAYING A SHOCK ABSORBER ROLE

The BOC press conference Q&A gets underway - asked why the BOC isn't providing more monetary stimulus (with rates now at the lower end of the neutral range) despite a weak economic outlook amid the US-Canada trade conflict, Gov Macklem says:

• "The role of monetary policy in the current situation is somewhat limited. What we're going through is not just a cyclical downturn... the fact that this is partly structural, and the fact that it's adding costs, limits the ability of or limits the role of monetary policy in boosting demand while keeping inflation low."
• Asked whether the BOC is signalling that its job is now done and it is now in the hands of fiscal authorities to help Canada in its structural economic transition, Macklem reiterates statement language about the new current policy rate:
• "our job is never done... there's still a fair amount of uncertainty...we're going to be assessing incoming data relative to this outlook that we have published and look, if the outlook changes materially, we're prepared to respond... our message today is that with the cut we've made today, and if things evolve broadly in line with this outlook, we think the current policy rate is about right to support the economy and maintain low inflation."
• Re next week's budget: "we will take on board the the new fiscal outlook, in our projections...let's see the budget first before we we get to that. "

• RES 4: 1.3527 High Oct 1     
• RES 3: 1.3471 High Oct 17 and a key short-term resistance    
• RES 2: 1.3422 50-day EMA
• RES 1: 1.3377 20-day EMA 
• PRICE: 1.3216 @ 14:46GMT Oct 29
• SUP 1: 1.3195 Intraday low 
• SUP 2: 1.3142 Low Aug 1 and a key support
• SUP 3: 1.3041 Low Apr 14
• SUP 4: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing           

A bear threat in GBPUSD remains present and this week’s sell-off strengthens this theme. The pair has breached 1.3249, the Oct 14 low and a bear trigger. The break confirms a resumption of the downtrend that started Sep 17. Note too that 1.3220 has been pierced, a 0.764 projection of the Sep 17 - 25 - Oct 1 price swing. This signals scope for a move towards key support at 1.3142, Aug 1 low. Initial resistance is 1.3377, the 20-day EMA.