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!
Today, USD/CAD extended its gains for the fourth consecutive day, supported by steady buying interest in the U.S. dollar. Additionally, a slight decline in crude oil prices is weighing on the Canadian dollar, which is closely tied to commodity markets.
Positive macroeconomic data released last week from the United States point to continued strength in the labor market. Moreover, concerns that higher U.S. tariffs may intensify inflationary pressures in the second half of the year suggest that the Federal Reserve is likely to keep interest rates unchanged following its two-day meeting ending Wednesday. This supports the U.S. dollar index, which has reached its highest level in over a month, and remains a key factor underpinning the USD/CAD pair.
Overall, the dollar's appreciation is putting pressure on commodity prices denominated in U.S. dollars, including oil.
The 35% tariffs imposed by U.S. President Donald Trump on imports from Canada are also exerting downward pressure on the Canadian dollar and contributing to the upward movement of USD/CAD. These factors increase the likelihood of further gains in spot prices in the short term, although bulls may choose to wait for additional signals regarding a potential Fed rate cut before opening new positions.
For better trading opportunities, attention should be focused on the outcome of the key FOMC meeting, which begins Tuesday. The accompanying policy statement and comments from Fed Chair Jerome Powell after the meeting could significantly impact the dollar's exchange rate and provide fresh momentum for USD/CAD. The Fed is expected to leave interest rates unchanged. In addition, today's U.S. macroeconomic data releases may create short-term opportunities for traders during the North American session.
Technical Outlook
From a technical perspective, oscillators currently show mixed signals, suggesting traders may want to wait for the release of key economic data before entering new positions. The nearest resistance for the pair is at 1.3772, followed by the psychological level of 1.3800. On the other hand, support is provided by the 50-day EMA, followed by the round number 1.3700, where the 50-day SMA is currently located.
*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।
