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22 November 2024,02:14
Trade Of The Day
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22 November 2024, 02:14
* Dollar Dominance: The Canadian Dollar struggles to hold its ground as the U.S. Dollar gains strength, fueled by growing doubts about the Federal Reserve’s timeline for rate cuts. Speculation is increasing that the Fed may opt for a more cautious approach to easing rates. On Thursday, Chicago Fed President Austan Goolsbee indicated that a slower pace of rate cuts might be prudent, considering the steady decline in inflation toward the 2% target. Additionally, market expectations surrounding Trump’s proposed policies—such as tax cuts, trade tariffs, and increased deficit spending—could potentially drive inflation higher, leading the Fed to slow its rate-cutting efforts.
* Technical Breakout: USDCAD was traded higher following prior rebound from the support level 1.39550. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely extend its rebound.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially rebound towards the level 1.40800. Conversely, a potential reversal is also to be expected and the price could head back towards 1.38400 after it breach below the level 1.39550.
With little significant U.S. economic data, investors are focus on the upcoming data from the Canada which includes Core Retail Sales and Manufacturing Sales to gauge further sentiment for the Loonie.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, geopolitical conflicts, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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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
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