Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CAD bears capitalize on dollar decline

• USD/CAD declined on Thursday as the U.S. dollar weakened on bets of further monetary easing, amid pressure from Donald Trump for rate cuts.

• Kevin Hassett, seen as a leading contender to succeed Jerome Powell as Fed Chair, has aligned with Donald Trump in calling for an interest rate cut..

• Comments this week from San Francisco Federal Reserve Bank President Mary Daly and Fed Governor Christopher Waller further boosted expectations of a rate cut..

•Traders are now pricing in an 85% chance of a rate cut next month compared with just 30% a week earlier, CME FedWatch showed.

• At GMT 16:52, the pair was down 0.07% at 1.4033 marking its lowest level since 19th November.

•  Immediate resistance is located at 1.4056( SMA 20), any close above will push the pair towards 1.4103(Nov 26th high).

• Support is seen at 1.4030(38.2%fib) and break below could take the pair towards 1.3980(Lower BB).

Recommendation: Good to sell  around 1.4050, with stop loss of 1.4100 and target price of 1.3950

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.