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26 July 2024,03:06
Trade Of The Day
26 July 2024, 03:06
* Profit Pullback: The USD/CAD pair has taken a breather and retreated from its high as investors begin profit-taking after digesting better-than-expected U.S. GDP data. According to the Commerce Department’s report on Thursday, the initial estimate of the US Real Gross Domestic Product (GDP) for the April-to-June period showed a 2.8% annualized growth rate, adjusted for seasonality and inflation. This exceeded market expectations of 2.1% and followed a 1.4% increase in the first quarter. Currently, the CME FedWatch Tool indicates a 92.8% probability that the US Federal Reserve (Fed) will keep its benchmark interest rate between 5.25% and 5.50% at the upcoming July meeting next week.
* Technical Breakout: USDCAD was traded lower following prior retracement from the resistance level 1.3845. MACD which illustrate bearish momentum signal suggest the pair likely to extend its retracement.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.37800. Conversely, a potential reversal is also to be expected and the price could head back towards 1.38450.
Understand how technical analysis can help you in this trading opportunity.
Moving forward, investors will turn their attention to the upcoming release of the US Personal Consumption Expenditures (PCE) Price Index, scheduled for later today. This data could affect the Federal Reserve’s future policy decisions and have a significant impact on financial markets.
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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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