Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
19 September 2024,02:10
Trade Of The Day
Tags:
19 September 2024, 02:10
* First Cut: USD/CAD surged during the Asian session following the Fed’s rate decision, sparking significant market volatility. The Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.75%-5%, marking its first cut in over four years. During a post-meeting press conference, Fed Chair Jerome Powell said, “This decision reflects our confidence that with the right policy adjustments, we can sustain a strong labor market, moderate growth, and reduce inflation to 2%.” The Fed also raised its 2024 unemployment forecast to 4.4% and increased the long-term rate projection to 2.9%. After an initial dip, the U.S. dollar rebounded following Powell’s remarks.
* Technical Breakout: USDCAD was traded higher following prior breakout above the previous resistance level 1.36150. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.37850. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.34600 after it breach back below the level 1.36150.
Moving ahead, investors will keep an eye on the US weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales, which are due later in the day.
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.
Register For PU Xtrader Challenge And Start Prop Trading
Take Challenge
Trade with simulated capital and earn real profits after you pass our trader assessment.
22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
20 November 2024, 02:13 USD/JPY Gains Amid Doubts Over BoJ Rate Moves
Disclaimer: This website exclusively provides proprietary trading services. We do not engage in any regulated activities, offer investment management services, or manage funds on behalf of external clients. Our trading activities are conducted solely with the firm's own capital, and we do not accept client deposits or manage client accounts. It's important to note that none of the services we provide should be construed as investment or financial services in accordance with applicable laws.
This website offers services related to professional skill and experience assessment, which determine your eligibility to trade with the firm's capital. The outcome of these services is inherently determined by your individual skill level and ability to perform within the trading requirements and objectives outlined for each service separately. Clients are strongly advised to thoroughly understand the requirements of the services before signing up for any.
The content provided on this website is for informational purposes only and does not constitute financial, investment, or trading advice. The information presented is based on sources believed to be reliable, but we do not guarantee its accuracy, completeness, or timeliness. We disclaim any liability for any loss or damage arising directly or indirectly from the use of or reliance on the information provided on this website.
This website is not directed to residents of certain jurisdictions such as the United States, Singapore, Australia, China and some other specified regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation.
