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23 August 2024,02:12
Trade Of The Day
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23 August 2024, 02:12
*PMI Drag: The USD/CAD pair traded with a softer tone following the release of S&P Global’s PMI data. The flash estimate for the US Composite Purchasing Managers Index (PMI) slightly declined to 54.1 in August, still above the anticipated 53.5 but marking a four-month low from July’s 54.3. Additionally, Manufacturing PMI fell to 48 from 49.6 during the same period. Meanwhile, markets are also processing the recent FOMC minutes, which indicated that a “vast majority” of participants support a rate cut in September if data aligns with expectations. Investors have already priced in a total of 100 basis points in Fed rate cuts by year-end.
* Technical Breakout: USDCAD was traded lower following prior retracement from its high level. MACD which illustrate diminishing bullish momentum suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.35500. Conversely, a potential reversal is also to be expected and the price could head back towards 1.36350.
Looking ahead, investors will look towards US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium as Any additional dovish comments from Fed officials might continue to undermine the USD against the Loonie.
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.
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