The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Canadian consumer prices rose 0.5% in July following a 0.2% decline in the previous month. The year-on-year increase held at 2.0% compared with consensus forecasts of a decline to 1.7%.
The core CPI rate also held at 2.0% and the Bank of Canada core rate was unchanged at 2.03%.
The Canadian dollar strengthened in light of the data with USD/CAD retreating to lows below 1.3260 before consolidation at near 1.3270.
The Bank of Canada will hold its next policy meeting on September 4th. With inflation as the key criterion, the central bank is likely to take a broadly neutral tone, although it will voice some concerns over the risk of a global downturn.
The bank will inevitably be cautious given that the ECB and Federal Reserve will hold policy meetings later in September, but the most dovish forecasts from investment banks are likely to be scaled back which will underpin the currency.
The Canadian dollar's trajectory will also be influenced strongly by trends in risk appetite. Waning fears over global recession would tend to underpin the domestic currency.
Trends in oil prices will set the tone for the loonie and will also be linked closely with trends in risk appetite. Crude has been undermined by the downgraded outlook of demand as global recession fears have increased.
API data recorded a larger-than-expected decline in crude inventories of 3.5 mln barrels. Crude sentiment will strengthen if the EIA data posts a substantial weekly contraction with WTI trading higher at about $56.80 p/b ahead of the inventories data.
The maket is likely to continue choppy trading in the short term with notable position adjustment ahead of Friday's speech by Fed Chair Powell, but with solid Canadian dollar support on dips.
Technically, USD/CAD will need to break trend line support around 1.3255 to generate sustained downward momentum.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।