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12 March 2025,02:01
Trade Of The Day
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12 March 2025, 02:01
*U.S. equities remain under pressure as uncertainty surrounding trade policy dampens investor sentiment. President Donald Trump’s proposal to increase tariffs on Canadian steel and aluminum to 50% has intensified risk-off sentiment, edging the market closer to correction territory. In response, Ontario Premier Doug Ford initially imposed a 25% surcharge on electricity exports to the U.S., prompting retaliatory measures from Washington. However, after discussions with Commerce Secretary Howard Lutnick, Ford temporarily suspended the surcharge, adding further uncertainty to market direction.
* Technical Breakdown: The Dow Jones Index continues its downward trend after breaking below a double-top pattern. The MACD indicates increasing bearish momentum, while the RSI at 30 suggests oversold conditions but remains below the midline. If downward pressure persists, the index could test the support level at 40,730. Conversely, if selling pressure eases, a rebound toward the 42,000 resistance level may be possible.
A de-escalation in trade tensions or a reversal in tariff policies could support a market recovery.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on U.S.-Canada trade developments, tariff negotiations, and global risk sentiment for further market direction cues by following PU Xtrader’s financial news page.
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