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24 April 2024,01:51
Trading BlogTrading Knowledge
24 April 2024, 01:51
* Loonie Buzz: The Canadian Dollar (CAD) strengthened against the US Dollar (USD) following weaker-than-anticipated US Purchasing Managers Index (PMI) data. The subdued performance in US economic activity is fostering optimism in the market, suggesting that the US Federal Reserve (Fed) may consider implementing rate cuts sooner than anticipated. The US PMIs unexpectedly weakened, with the S&P Global Manufacturing PMI registering at 49.9, falling below the crucial 50.0 threshold for the first time in four months.
* Technical Breakout: USDCAD was traded lower following recent breakout below the previous support level 1.36650. MACD which illustrate ongoing bearish momentum signal suggest the pair to further extend its losses.
* Resistance and Targets: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards. Conversely, a breakout above the level 1.36650 would suggest a technical correction or reversal and head towards 1.37250 level.
Understand how technical analysis can help you in this trading opportunity.
Moving forward, investors will closely monitor upcoming data releases as Canada unveils its latest Retail Sales figures on Wednesday. However, broader market attention will be directed towards the US Gross Domestic Product (GDP) figures scheduled for Thursday. Additionally, the US Personal Consumption Expenditure (PCE) Price Index is set to be released on Friday.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Canada data, central bank related 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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