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5 November 2024,02:23
Trade Of The Day
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* Rate Cut In Sight: The Canadian Dollar continues to weaken against the U.S. dollar as the Bank of Canada is anticipated to lower interest rates. BoC Governor Tiff Macklem has signaled the possibility of another 50 basis point (bps) rate cut in December. “We’ve shown our willingness to implement a 50-basis-point reduction if we deem it necessary. And if we find it appropriate to do so again, we will,” Macklem stated to the Senate Committee on Wednesday. He stressed that further rate cuts are likely unless unexpected economic developments arise. In its October policy meeting, the BoC had already cut rates by 50 bps, bringing them down to 3.75%.
* Technical Breakout: USDCAD was traded higher following prior rebound from the support level 1.38875. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.40300. Conversely, a potential reversal is also to be expected and the price could head back towards 1.37400 after it breach back below the level 1.38875.
Looking ahead, attention now turns to this week’s U.S. presidential election, where Democratic candidate Kamala Harris and Republican nominee Donald Trump are in a tight race across seven key battleground states, with just days remaining before the vote.
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Stay updated on US and Canada data, updates on the U.S. Presidential Election, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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