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* Dove Echoes: The Canadian Dollar continue to extend it gains against the dollar as the market remain digesting the recent dovish remarks from Fed. The Federal Reserve (Fed) pivoting into a dovish stance remains the talk of the town and markets continue to sell the Greenback into the ground as rate cut expectations hold on the high side. According to the CME’s FedWatch Tool, rate markets are pricing into over 35% odds of a 50-bps rate trim on September 18, with the remainder expecting a quarter-point cut. Rate traders expect a total of 100 bps in cuts by the year’s end.
* Technical Breakout: USDCAD was traded lower following prior breakout below the previous support level 1.34540. MACD which illustrate ongoing bearish momentum signal suggest the pair to further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.33350. Conversely, a potential reversal is also to be expected and the price could head back towards 1.35850 after it breach back above the level 1.34540.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will focus on upcoming key U.S. data such as U.S GDP, Initial Jobless Claims and also the Fed preferred indicator, Core PCE Price Index which due later this Friday.
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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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
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