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19 September 2024,02:10
Trade Of The Day
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19 September 2024, 02:10
* First Cut: USD/CAD surged during the Asian session following the Fed’s rate decision, sparking significant market volatility. The Federal Open Market Committee (FOMC) lowered the federal funds rate to 4.75%-5%, marking its first cut in over four years. During a post-meeting press conference, Fed Chair Jerome Powell said, “This decision reflects our confidence that with the right policy adjustments, we can sustain a strong labor market, moderate growth, and reduce inflation to 2%.” The Fed also raised its 2024 unemployment forecast to 4.4% and increased the long-term rate projection to 2.9%. After an initial dip, the U.S. dollar rebounded following Powell’s remarks.
* Technical Breakout: USDCAD was traded higher following prior breakout above the previous resistance level 1.36150. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.37850. Conversely, a potential reversal is also to be expected and the price could head back towards the level 1.34600 after it breach back below the level 1.36150.
Moving ahead, investors will keep an eye on the US weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Existing Home Sales, which are due later in the day.
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.
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19 September 2024, 02:10 USD/CAD Surges After Fed Rate Decision
18 September 2024, 02:20 Euro Rises with Fed Rate Cut on the Horizon
13 September 2024, 02:02 USD/JPY Dips Amid Fed Rate Cut Speculation, Weak Dollar
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