Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
7 January 2025,02:31
Trade Of The Day
Tags:
7 January 2025, 02:31
* Political Uncertainties: USD/CAD regained some momentum during the early Asian session on Tuesday, driven by a stronger U.S. dollar. President-elect Donald Trump dismissed claims of scaling back his tariff plans, reiterating their wide-reaching scope and amplifying market volatility concerns ahead of his inauguration. Market participants remain wary of potential disruptions as further details of Trump’s policies unfold. Additionally, hawkish comments from Fed Governor Lisa Cook supported the dollar, as she highlighted the Fed’s cautious approach to further rate cuts, citing a strong economy and persistent inflation pressures. On the Canadian side, speculation is mounting about a possible resignation by Prime Minister Justin Trudeau, with reports hinting at an announcement before Wednesday’s emergency Liberal Party meeting.
* Technical Breakout: USDCAD was traded higher following prior rebound from the support level 1.43250. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.44650. Conversely, a potential reversal is also to be expected and the price could head back towards 1.41900 after it breach back below the level 1.4325.
Looking ahead, investors will closely monitor key U.S. economic data, which includes ADP Nonfarm Employment Change, and Nonfarm Payrolls, to assess market sentiment further.
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.
Register For PU Xtrader Challenge And Start Prop Trading
Take Challenge
Trade with simulated capital and earn real profits after you pass our trader assessment.
17 January 2025, 01:42 Crude Oil Falls as Houthis Suspend Red Sea Attacks
16 January 2025, 02:26 USD/JPY Declines on BoJ Hawkish Tone, Intervention Risk
15 January 2025, 02:29 Pound Weakens as US PPI Records Modest Growth
Disclaimer: This website exclusively provides proprietary trading services. We do not engage in any regulated activities, offer investment management services, or manage funds on behalf of external clients. Our trading activities are conducted solely with the firm's own capital, and we do not accept client deposits or manage client accounts. It's important to note that none of the services we provide should be construed as investment or financial services in accordance with applicable laws.
This website offers services related to professional skill and experience assessment, which determine your eligibility to trade with the firm's capital. The outcome of these services is inherently determined by your individual skill level and ability to perform within the trading requirements and objectives outlined for each service separately. Clients are strongly advised to thoroughly understand the requirements of the services before signing up for any.
The content provided on this website is for informational purposes only and does not constitute financial, investment, or trading advice. The information presented is based on sources believed to be reliable, but we do not guarantee its accuracy, completeness, or timeliness. We disclaim any liability for any loss or damage arising directly or indirectly from the use of or reliance on the information provided on this website.
This website is not directed to residents of certain jurisdictions such as the United States, Singapore, Australia, China and some other specified regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation.
This website is owned by Finzero Cap Ltd, a company incorporated in the Republic of Cyprus under registration number HE414308, with its registered office at 62 Athalassas, Mezzanine, Strovolos 2012, Nicosia, Cyprus. Finzero Cap Ltd serves as the authorized representative for PU Prime Ltd.
