USD/CAD extends its rally, approaching the crucial 50% Fibonacci retracement level near 1.374. Supported by a strong US economy and weaker oil prices, momentum indicators signal further upside potential. A break above resistance could open the door to testing 1.3766 and beyond, while support near 1.3720 remains key for bulls. #Forex #USDCAD #TechnicalAnalysis
US economic data continues to dominate FX markets as traders parse mixed signals on labor and inflation. Strong jobs growth supports the dollar, but wage pressures keep Fed rate cuts in question. Attention shifts to this week’s CPI and Fed remarks for clarity on policy direction. #Forex #USDeconomy #FedPolicy
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Canadian Dollar Outlook: USD/CAD remains neutral after softer-than-expected U.S. ADP employment data signals cooling labor market. With Bank of Canada’s dovish rate cuts and key Canadian and U.S. jobs reports ahead, the pair is range-bound as traders await clearer direction.
USD/CAD breaks above key resistance at 1.3250, confirming bullish momentum driven by strong U.S. economic data, hawkish Fed signals, weaker oil prices, and a recovering USD index. Eyes on next resistance at 1.3320 for further upside potential. #Forex #USDCAD
USD/CAD breaks above key resistance at 1.3375, supported by strong technical signals including moving averages and RSI, alongside a resilient US dollar driven by hawkish Fed outlook and softer Canadian economic data. Next target set near 1.3460 as bullish momentum builds.
USD/CAD has broken above the key resistance at 1.3375, signaling a potential bullish trend ahead. Technical indicators like EMA50, RSI, and MACD support upward momentum with targets near 1.3500 and beyond. Strength in the US economy underpins this move. #Forex #USDCAD #TechnicalAnalysis
USD/CAD is testing a critical long-term ascending trend line that has supported price since 2020. While recent resistance near 1.3850 and bearish signals suggest weakening bullish momentum, the trend line still holds. Watch for a decisive break or bounce as this retest may signal a major price reversal ahead. #Forex #USDCAD #TechnicalAnalysis
UK CFTC data shows speculative net positions on GBP futures plunged to -33,200 from -4,120, signaling a sharp rise in bearish sentiment. Factors include slowing BoE rate hike expectations, persistent inflation, sluggish economic growth, and ongoing Brexit-related uncertainties. Traders should watch how these dynamics unfold.
Markets enter the final trading day with cautious optimism as investors await the US December Nonfarm Payrolls report. With the dollar easing from recent highs and yields retreating, hopes for a soft landing hinge on today’s employment data—expected to show slower job growth but steady unemployment. Traders watch closely for signals on the Fed’s next move. #Forex #USJobs
