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.
17 February 2025,02:16
Trade Of The Day
Tags:
17 February 2025, 02:16
* Data Dud: The Canadian dollar strengthened against the U.S. dollar following the release of U.S. retail sales data for January. According to the U.S. Census Bureau, retail sales—a key indicator of consumer spending—fell by 0.9%, a sharper decline than the anticipated 0.1%. In contrast, December’s figure was revised upward to a 0.7% increase from the previously reported 0.4%. From a technical perspective, a drop in household spending signals weakened purchasing power, which could prompt the Federal Reserve (Fed) to consider monetary easing. Lower consumer spending typically leads to reduced inflationary pressures, increasing the likelihood that traders will scale back expectations of the Fed maintaining interest rates at 4.25%-4.50% for an extended period.
* Technical Breakout: USDCAD was traded lower following recent breakout below the previous support level 1.41900. MACD which illustrate bearish bias signal 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 the level 1.40800. Conversely, a potential reversal is also to be expected and the price could head back towards 1.43000 after it breach back above the level 1.41900.
Looking ahead, traders will seek further direction from key upcoming events this week, including the FOMC Meeting Minutes, S&P Global Manufacturing and Services PMI, and speeches from former President Donald Trump.
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, global market updates, 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.
28 February 2025, 02:09 Euro Declines Under Tariff Pressure
27 February 2025, 02:33 Gold Declines as Geopolitical Tension Fears Ease
25 February 2025, 02:09 Crude Oil Fell on U.S. Economic Worries and Trump Tariffs
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.
