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19 November 2024,02:42
Trade Of The Day
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19 November 2024, 02:42
* Greenback Pause: The Canadian Dollar adopted a more positive stance, recovering against the U.S. Dollar. This shift is primarily due to a slowdown in the recent surge of U.S. Dollar buying, rather than strong demand for the Loonie. With U.S. economic data remaining muted this week, markets are experiencing a break from U.S.-centric releases, with sentiment driving market movements. On the other hand, Canada’s CPI inflation data set for release on Tuesday will mark the end of this data quiet period.
* Technical Breakout: USDCAD was traded lower following prior retracement from the resistance level 1.40800. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.39550. Conversely, a potential reversal is also to be expected and the price could head back towards 1.40800.
With a lack of crucial U.S. data, investors will be focus on upcoming key inflation data from Canada to gauge further sentiment for the Loonie. Besides that, Canadian Retail Sales for September also loom ahead at the end of the week on Friday.
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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