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9 July 2024,03:17
Trade Of The Day
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9 July 2024, 03:17
* Loonie Dip: The Canadian Dollar has weakened against the U.S. Dollar due to anticipated consecutive rate cuts by the Bank of Canada (BoC). This expectation is fueled by turmoil in the labor market. Recently, Canada’s unemployment rate rose more than expected, hitting 6.4% compared to the forecasted 6.3% and the previous 6.2%. The labor market experienced an unexpected downturn with the layoff of 1.4K workers. Additionally, the Canadian Dollar came under selling pressure due to falling oil prices, driven by peace negotiations in the Middle East.
* Technical Breakout: USDCAD was traded higher following recent rebound from the support level 1.36050. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.36650. Conversely, a potential correction is also to be expected and the price could head towards 1.36050.
Following a lack of crucial catalyst from Canada this week, investors are shifting their attention to key U.S. data to better pinpoint the Federal Reserve’s timeline for future rate cuts.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Canada data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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