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23 January 2025,02:18
Trade Of The Day
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23 January 2025, 02:18
* Levy Loom: The Canadian Dollar weakened against the U.S. Dollar as traders assessed President Trump’s policies and concerns over tariffs. On Tuesday, U.S. President Donald Trump announced plans to impose 25% tariffs on Canada and Mexico, along with duties targeting China and the European Union, effective February 1. These announcements put downward pressure on the Canadian Dollar (CAD), as Canada depends heavily on trade with the U.S., which accounts for about 75% of its exports. Moreover, cooling inflation in Canada last month has raised expectations of a January rate cut by the Bank of Canada (BoC), adding further strain on the Loonie. According to Statistics Canada, the nation’s CPI inflation fell to 1.8% year-over-year in December from 1.9% in November, slightly below the market forecast of 1.9%.
* Technical Breakout: USDCAD was traded higher following prior rebound from the support level 1.43250. MACD which illustrate bullish momentum signal 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 1.43250.
Looking ahead, market attention is likely to continue to center on Donald Trump’s policy updates, as traders assess their potential impact on the global economy. On the economic front, the calendar is relatively light, but key U.S. data such as S&P Global PMI figures will still draw focus.
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, Trump updates, global market updates, central bank updates and any shifts in the US Dollar’s strength and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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28 January 2025, 02:27 Euro Weakens as Markets React to New Tariff Warnings
27 January 2025, 02:29 USD/JPY Declines Following BoJ Rate Increase
24 January 2025, 02:33 New Zealand Kiwi Rose As China Unveils Stimulus Measure
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