Fed speech in focus as USDCAD jitters.
“Federal Reserve’s speech in focus as recent economic data from US shows substantial decline in its performance.”
During late Asian trading session, the pair of USDCAD begins to stage a rebound, following the footprints on the US dollar index. Investors will now pay attention to upcoming speech by Fed Chair Jerome Powell after US economic activities and wage inflation shows substantial decline. However, economists believe that Fed may not let go of their harsh stance against inflation as the data may not provide sufficient insight.
Quick recap on USDCAD
The pair experienced substantial loss as it retraced from the resistance level of 1.37.
USDCAD Weekly Technical Analysis
In terms of weekly perspective, MACD shows prominent bearish signal which may point towards higher possibility to extend towards the downside.
USDCAD Daily Technical Analysis
From daily perspective, the pair maintain its downside skewed probability, prominently shown by recent price action as well as MACD indicator.
ORDER: SELL STOP
STOP LOSS: 1.3380
Target 1: 1.3300
Target 2: 1.3240
ZFX Analyst’s Comment
The pair is expected to advance further downwards due to prominent bearish pressure from the upside.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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