2023-11-21 • Updated
Canada's forthcoming Consumer Price Index (CPI) data, set for release on Tuesday, is projected to show a year-on-year decline in inflation to 3.2% for October from the previous 3.8%. This potential inflation dip might offer leeway for the Bank of Canada (BoC) to maintain its overnight rate target at 5.0% in the December meeting, aligning with the central bank's emphasis on economic indicators influencing rate decisions. Concurrently, the US Dollar (USD) confronts challenges amid an increased appetite for risk, fueled by expectations of a dovish stance from the Federal Reserve (Fed). The recent release of subdued inflation figures last week, with the Consumer Price Index (CPI) easing to 3.2% (YoY) and the core CPI to 4.0% (YoY), has led investors to reconsider the likelihood of a December rate hike and contemplate potential rate cuts in 2024.
EURCAD has currently reached the supply zone on the Daily timeframe and given an initial reaction from the supply zone. This move here is expected to slide prices down all the way to the marked demand zone as shown on the chart.
Analyst’s Expectations:
Direction: Bearish
Target: 1.51121
Invalidation: 1.47910
In line with what we had on the EURCAD chart, NZDCAD is currently reacting from the supply zone with a confluence from the trendline resistance. Considering that the supply zone is currently at the 88% of the Fibonacci retracement, I’ll be anticipating to go short.
Analyst’s Expectations:
Direction: Bearish
Target: 0.80727
Invalidation: 0.84285
CADJPY on the Daily timeframe has just broken below the trendline and seems to be heading back up for a retest. There is also a supply zone that intersects the trendline and could be a good spot for the commencement of a sell move.
Analyst’s Expectations:
Direction: Bearish
Target: 105.432
Invalidation: 109.535
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more trade ideas and prompt market updates on the telegram channel.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
