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.
9 July 2024,03:17
Trade Of The Day
Tags:
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.
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.
