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On Friday, the Canadian dollar is gaining against the US dollar, with the USD/CAD pair halting its two-day advance and paring earlier intraday losses, despite a stronger US dollar and weaker retail sales data in Canada. At the time of writing, the pair is trading at 1.3772, pulling back from the day's high of 1.3825, as buyers failed to hold above the psychological 1.3800 level.
The US Dollar Index, which measures the dollar against a basket of six major currencies, continues to rebound after the Fed's decision, trying to stay near its daily high, last seen six days ago. According to Statistics Canada, retail sales fell by 0.8% in July compared with the previous month, in line with forecasts. Meanwhile, the June figure was revised upward from 1.5% to 1.6%. Sales excluding autos dropped by 1.2%, exceeding the expected decline of 0.7%, although June was revised from 1.9% to 2.2%. These figures point to weakening domestic demand and raise concerns about consumer spending following strong growth in the second quarter.
The Federal Reserve also cut its rate by 25 basis points to the 4.00–4.25% range, citing growing concerns over the labor market while maintaining a cautious stance on inflation. According to CME FedWatch, the probability of a cut in October is estimated at 91%, and of another cut in December at nearly 80%. This aligns with the Fed's updated dot plot, which indicates an additional 50 basis points of easing by year-end. However, Chair Jerome Powell emphasized that further action will depend on economic data.
As a result, both central banks are moving toward easing policy, but the Fed is acting more cautiously, while the Bank of Canada is taking a more flexible "dovish" stance, given that Canadian inflation is closer to its target level than in the US.
From a technical perspective, the Relative Strength Index has moved into negative territory. However, the pair found strong support at the 100-day SMA at 1.3758. Failure to hold this level would push prices toward the monthly low and the round level of 1.3700. On the other hand, if prices manage to return above the psychological 1.3800 level and consolidate there, bulls will aim for the monthly high, facing some resistance along the way.
*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।
