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!
The USD/CAD pair continues to decline from the weekly high near 1.3850. Current quotes appear to have ended a four-day period of gains and are now trading slightly below the round level of 1.3800, as market participants await the key monthly employment figures — NFP.
The U.S. NonFarm Payrolls report, to be released later during the North American session, will play a major role in the short-term direction of the U.S. dollar. This release, combined with Canada's monthly employment data, should provide momentum for USD/CAD and open short-term trading opportunities.
At the same time, growing certainty that the Federal Reserve will cut borrowing costs in September and deliver at least two additional 25-basis-point rate cuts before the end of the year is forcing dollar bulls into a defensive stance. This, in turn, is seen as a factor putting some downward pressure on USD/CAD. However, uncertainty over trade issues may limit the Canadian dollar's upward potential.
U.S. President Donald Trump has filed an appeal with the Supreme Court requesting urgent review in an attempt to overturn an appellate court ruling that declared most of his tariffs illegal. In addition, Trump announced that his administration would impose tariffs on semiconductor imports from companies that do not relocate production to the U.S., in the context of talks on the free trade agreement between the U.S., Mexico, and Canada.
Moreover, low crude oil prices may deter traders from taking active long positions on the Canadian dollar — a commodity-linked currency — and help contain losses in USD/CAD. Still, spot prices are on track to record a modest weekly gain and remain influenced by U.S. dollar dynamics.
From a technical perspective, oscillators on the daily chart are positive. The pair is finding support at the 9-day EMA near the round level of 1.3800. If prices manage to return to 1.3850, they could continue moving toward the 1.3900 round level, with some resistance around 1.3870.
On the other hand, prices could fall toward the 50-day SMA, then pause at the 100-day SMA, below which bulls will struggle to compete with bears.
*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।
