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4 July 2024,02:28
Trade Of The Day
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4 July 2024, 02:28
* Data Dive: The Canadian Dollar has strengthened against the US Dollar following a notable decline in the greenback prompted by disappointing economic data from the United States. The ADP Employment report revealed a slowdown in private sector job growth for June, with employers adding 150,000 jobs, missing the expected 160,000 and falling short of the revised prior figure of 157,000. This has raised concerns about the future of the labor market. Furthermore, the ISM Services PMI report indicated a significant contraction in the service sector, with the PMI dropping to 48.8, well below the anticipated 52.5 and the previous 53.8. A PMI below 50.0 indicates a contraction in service activities. Other components such as the Prices Paid and New Orders Index also showed declines compared to previous readings.
* Technical Breakout: USDCAD was traded lower following prior breakout below the previous support level 1.36650. MACD which illustrate strong 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 1.36050. Conversely, a potential correction is also to be expected and the price could head towards 1.36650.
Looking ahead, investors are eagerly awaiting the upcoming US Nonfarm Payrolls (NFP) report for June, scheduled for release on Friday. This report will shed light on the current state of the labor market. Additionally, attention will also be on the Canadian Employment report for June, also due on Friday. Robust employment figures would reduce expectations of future rate cuts by the Bank of Canada (BoC), while weaker numbers would increase the likelihood of such cuts.
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 update and any shifts in the US Dollar’s strength. by following PU Xtrader’s financial news page.
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