Day by day Foreign exchange Information and Watchlist: USD/CAD

The BOC choice is developing, fellas!

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

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out EUR/USD’s rising wedge pattern ahead of the eurozone flash CPI release. Remember to try if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final trading sessions:

Contemporary Market Headlines & Financial Knowledge:

U.S. CB shopper confidence index down from 108.6 to 106.Four vs. 103.9 forecast

Australian AIG manufacturing index down from 58.5 to 52.4

U.Okay. BRC worth store index ticked larger 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.Zero to 48.1 vs. 49.1 consensus

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

U.Okay. 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 developing

Use our new Currency Heat Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: USD/CAD

USD/CAD 1-hour Forex Chart

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 in the course of the BOC decision as we speak!

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

Failing to ship an aggressive tightening transfer, nonetheless, would possibly imply some draw back for the Canadian foreign money since it might recommend that policymakers aren’t feeling so optimistic anymore.

In that case, USD/CAD might pop larger to the close by resistance ranges marked by a falling trend line and the Fibonacci retracement instrument.

The 50% stage seems to be like a major spot for sellers to enter, as this strains up with the development line, 200 SMA dynamic resistance, and a former assist zone on the 1.2750 mark.

Technical indicators recommend that the downtrend is extra prone to keep it up than to reverse. The 100 SMA is under the 200 SMA to replicate the presence of promoting strain whereas Stochastic is nearing the overbought zone.

In the event you’re not comfy buying and selling round potential worth spikes throughout a top-tier occasion, do not forget that there’s no disgrace in sitting this one out!

Source link

Leave a Reply

Your email address will not be published.