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9 July 2024,03:12
Trade Of The Day
9 July 2024, 03:12
* Loonie Dip: The Canadian Dollar has declined against the U.S. Dollar due to expectations of consecutive rate cuts from the Bank of Canada (BoC). These expectations have risen amid turmoil in the labor market. Recently, Canada’s unemployment rate increased more than anticipated, reaching 6.4% compared to the expected 6.3% and the previous 6.2%. The labor market saw an unexpected setback with the layoff of 1.4K employees. Additionally, the Canadian Dollar faced selling pressure from declining oil prices, influenced by peace talks in the Middle East.
* Technical Breakout: USDCAD was traded higher following recent rebound from the support level 1.36050. MACD which illustrate diminishing bearish momentum signal suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.36650. Conversely, a potential correction is also to be expected and the price could head towards 1.36050.
Understand how technical analysis can help you in this trading opportunity.
Following a lack of crucial catalyst from Canada this week, investors are shifting their attention to key U.S. data to better pinpoint the Federal Reserve’s timeline for future rate cuts.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Canada data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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