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28 August 2024,02:51
Trade Of The Day
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28 August 2024, 02:51
*Dove Echoes: The Canadian Dollar extends its gains as the market absorbs the Fed’s dovish remarks. The Federal Reserve’s shift to a dovish stance dominates discussions, leading to a continued sell-off of the Greenback. Market expectations for a rate cut remain high, with the CME’s FedWatch Tool indicating a 35% chance of a 50-bps cut on September 18 and a quarter-point cut likely. Traders anticipate a total of 100 bps in rate cuts by the end of the year.
* Technical Breakout: USDCAD was traded lower following prior breakout below the previous support level 1.34540. MACD which illustrate ongoing bearish momentum signal suggest the pair to further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.33350. Conversely, a potential reversal is also to be expected and the price could head back towards 1.35850 after it breach back above the level 1.34540.
Looking ahead, investors will focus on upcoming key U.S. data such as U.S GDP, Initial Jobless Claims and also the Fed preferred indicator, Core PCE Price Index which due later this 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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