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27 November 2024,05:56
Trade Of The Day
27 November 2024, 05:56
* Canada Dollar Weakness Amid Economic Concerns: The Canadian Dollar is under pressure due to growing pessimism surrounding Canada’s economic outlook. U.S. President Donald Trump’s recent announcement of potential significant tariffs on Canadian goods has raised concerns about a slowdown in Canada’s economic growth. In addition, the persistent drop in oil prices, a key export product for Canada, continues to weigh on the Canadian Dollar. A ceasefire agreement between Israel and Lebanon, ending over 14 months of conflict, may further impact oil prices, potentially diminishing demand for the Canadian Dollar.
* Technical Rebound: USD/CAD has shown a rebound after testing the strong support level, with a hammer candlestick formation (H4) signaling potential bullish momentum. The RSI remains above the midline, indicating that the pair may extend its gains toward the next resistance level.
* Resistance and Support: If the bullish momentum continues, USD/CAD could push towards the 1.4140 resistance level. However, if the price fails to break through this resistance, a retracement might occur, with immediate focus on the support level at 1.4050 for potential signs of further decline.
Understand how technical analysis can help you in this trading opportunity.
Investors will be closely monitoring U.S. economic data releases, particularly the Core PCE Price Index, which could provide insights into inflation trends and influence market sentiment. Additionally, any further details on the tariffs imposed on Canadian goods will be critical in shaping the USD/CAD outlook.
Know how to manage trading risks with risk management strategies.
Stay updated on US data, global conflict updates, 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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