HomeForex MarketEach day Foreign exchange Information and Watchlist: USD/CAD

Each day Foreign exchange Information and Watchlist: USD/CAD

The BOC determination is arising, fellas!

Will this carry a retracement alternative for this ongoing USD/CAD downtrend?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out EUR/USD’s rising wedge sample forward of the eurozone flash CPI launch. You’ll want to try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling periods:

Contemporary Market Headlines & Financial Knowledge:

U.S. CB shopper confidence index down from 108.6 to 106.4 vs. 103.9 forecast

Australian AIG manufacturing index down from 58.5 to 52.4

U.Ok. BRC value store index ticked greater from 2.7% to 2.8%

Japanese Q1 capital spending up by 3.0% vs. 3.7% forecast, 4.3% earlier

BOJ official Wakatabe: Want for added easing not very excessive for now

Australian economic system grew by 0.8% vs. 0.6% forecast in Q1 2o22

Chinese language Caixin manufacturing PMI up from 46.0 to 48.1 vs. 49.1 consensus

German retail gross sales tumbled by 5.4% vs. projected 0.5% dip

U.Ok. Nationwide HPI up by 0.9% vs. 0.6% forecast, 0.4% earlier

BOC financial coverage assertion at 2:00 pm GMT
U.S. ISM manufacturing PMI at 2:00 pm GMT
U.S. JOLTS job openings at 2:00 pm GMT
FOMC member Williams’ speech at 3:30 pm GMT
FOMC member Bullard’s speech at 5:00 pm GMT
Fed Beige E-book at 6:00 pm GMT
OPEC-JMMC conferences arising

Use our new Foreign money Warmth Map to rapidly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: USD/CAD

USD/CAD 1-hour Foreign exchange Chart

Lacking out on this neat USD/CAD downtrend?

We would simply get an opportunity to hop in a pullback if volatility picks up throughout the BOC determination right this moment!

The central financial institution is anticipated to hike rates of interest by one other 0.50%, bringing the benchmark price as much as 1.50%.

Failing to ship an aggressive tightening transfer, nevertheless, may imply some draw back for the Canadian forex since it could recommend that policymakers aren’t feeling so optimistic anymore.

In that case, USD/CAD might pop greater to the close by resistance ranges marked by a falling pattern line and the Fibonacci retracement device.

The 50% stage seems like a first-rate spot for sellers to enter, as this strains up with the pattern line, 200 SMA dynamic resistance, and a former help zone on the 1.2750 mark.

Technical indicators recommend that the downtrend is extra prone to keep on than to reverse. The 100 SMA is under the 200 SMA to mirror the presence of promoting stress whereas Stochastic is nearing the overbought zone.

Should you’re not comfy buying and selling round potential value spikes throughout a top-tier occasion, keep in mind that there’s no disgrace in sitting this one out!

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