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5 December 2024,02:19
Trade Of The Day
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5 December 2024, 02:19
* Fading Yen: The USD/CAD pair moved higher during early Thursday trading in Asia, fueled by rising expectations of a rate cut from the Bank of Canada (BoC). According to Statistics Canada, the nation’s economy expanded by 1% annually in the third quarter. This growth, which lags behind the BoC’s downgraded projections, coupled with a weak start to the fourth quarter, has heightened the chances of a 50 basis-point rate cut in December. Market participants now expect the Canadian central bank to maintain its easing trajectory at its upcoming policy meeting, with nearly a 50% probability priced in for another substantial 50 bps cut. Furthermore, falling crude oil prices are putting additional pressure on the commodity-linked Canadian dollar. As Canada is the U.S.’s largest oil supplier, lower oil prices typically negatively affect the CAD.
* Technical Breakout: USDCAD was traded higher while currently testing the resistance level 1.40800. MACD which illustrate diminishing bearish momentum signal with the starting formation of golden cross suggest the pair to likely extend its gains after it breaks above the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.41800 after it breach above the level 1.40800. Conversely, a potential reversal is also to be expected and the price could head back towards 1.39750.
Looking ahead, investors will focus on this week’s key U.S. economic data releases such as Nonfarm Payrolls, and the Unemployment Rate, to gauge the market’s direction and sentiment.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data 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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