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19 November 2024,02:39
Trade Of The Day
19 November 2024, 02:39
* Greenback Pause: The Canadian Dollar shifted to a bullish tone, regaining ground against the greenback. The move is driven less by demand for the Loonie and more by a pause in the recent dominance of US Dollar buying. With US data remaining subdued this week, markets are enjoying a respite from US-focused economic releases, with sentiment largely guiding trades. Meanwhile, Canada’s upcoming CPI inflation data on Tuesday will break the current data lull.
* Technical Breakout: USDCAD was traded lower following prior retracement from the resistance level 1.40800. MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to likely further 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 1.39550. Conversely, a potential reversal is also to be expected and the price could head back towards 1.40800.
Understand how technical analysis can help you in this trading opportunity.
With a lack of crucial U.S. data, investors will be focus on upcoming key inflation data from Canada to gauge further sentiment for the Loonie. Besides that, Canadian Retail Sales for September also loom ahead at the end of the week on 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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