Last week was mostly noise. A few data drops, some positioning, a couple of fake breakouts that looked promising until they didn’t. Nothing truly committed.
But this week is different.
This week, the market either chooses direction or gets forced into one.
We’ve got Australia CPI, the Bank of Canada rate decision, and the big one “FOMC”
All packed into the same stretch.
If we’re going to get a real trend heading into November, this is where it begins.
Here’s What Matters This Week
1) Australia CPI – Wednesday/October 29
AUD pairs have been drifting in that awkward zone where nobody wants to pick a side.
CPI is the moment that forces commitment.
If inflation stays sticky, AUD can finally catch a real bounce, especially against JPY and USD.
If inflation cools, the slide continues and trend traders step back in.
Best play IMO is don’t guess early. Let the number hit, let the first spike pass, then play the follow-through.
2) Bank of Canada – Wednesday//October 29
Rates likely stay the same, but the tone is the trade. Canada’s economy has been slowing quietly. Households are stretched, business sentiment is fading, oil isn’t providing the usual floor.
If BOC sounds cautious, USD/CAD can drift higher.
If they show any concern about inflation sticking, CAD strength returns.
This isn’t a scalp event, this shapes direction for the next few weeks.
3) FOMC – Thursday/October 30
This is the centerpiece of the week. Powell doesn’t have to change rates to move the entire market. A shift in tone is enough.
If he leans toward more easing, USD softens and gold breathes again.
If he stays steady and patient, USD holds firm and risk pairs stay heavy.
My Takeaway
This isn’t the week to predict.
This is the week to watch closely, wait for the market to reveal where it wants to go, and act when it’s obvious.
We’re not here to guess. We’re here to respond.