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26 July 2024,02:16
Trade Of The Day
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26 July 2024, 02:16
* Profit Pullback: The USD/CAD pair has paused and pulled back from its high as investors start profit-taking after absorbing stronger-than-expected U.S. GDP data. According to the Commerce Department’s Thursday report, the initial estimate of the US Real Gross Domestic Product (GDP) for April to June showed a 2.8% annualized growth rate, seasonally adjusted and inflation-adjusted. This surpassed market expectations of 2.1% and followed a 1.4% rise in the first quarter. Currently, the CME FedWatch Tool shows a 92.8% chance that the US Federal Reserve (Fed) will maintain its benchmark interest rate between 5.25% and 5.50% at the upcoming July meeting next week.
* Technical Breakout: USDCAD was traded lower following prior retracement from the resistance level 1.3845. MACD which illustrate bearish momentum signal suggest the pair likely to extend its retracement.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.37800. Conversely, a potential reversal is also to be expected and the price could head back towards 1.38450.
Moving forward, investors will turn their attention to the upcoming release of the US Personal Consumption Expenditures (PCE) Price Index, scheduled for later today. This data could affect the Federal Reserve’s future policy decisions and have a significant impact on financial markets.
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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