Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

Google Add as a preferred source on Google

FxWirePro: USD/CAD neutral in the near term, scope for further upside

• USD/CAD  traded flat on Thursday  as investors digested Fed   interest ratedecision and awaited fresh catalyst.

• The Fed raised its key interest rate for the first time in over three years on Wednesday and signaled ​more hikes this year to fight stubbornly high inflation in the ​economy.

•Markets are pricing in about a 53% chance of another rate hike at the Fed's October meeting, per CME ​Group's FedWatch tool.

•On Thursday, oil prices eased as Saudi ‌Arabia's ⁠supplies calmed concerns, though prices remained above $100 a barrel due to fears of a wider Middle East conflict..

           
•  Immediate resistance is located at 1.3988(Higher BB), any close above will push the pair towards 1.4065 (38.2%fib.).

• Support is seen at 1.3928 (50%fib) and break below could take the pair towards 1.3869(SMA20).

Recommendation: Good to buy around 1.3970 with stop loss of 1.3900 and target price of 1.4050

  • Market Data
Close

Welcome to EconoTimes

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