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, Thursday, the pair attracted buyer interest as it attempted to recover yesterday's losses; however, the attempt was unsuccessful, and the pair remained at the same price level. Current prices show no confidence in growth, hovering just above the 200-day SMA. The U.S. dollar index made attempts to recover today, which provided important support for USD/CAD.
The data indicate a weakening U.S. labor market and add to signs of slowing growth in the world's largest economy, increasing the likelihood of continued Fed easing. This sharply contrasts with the hawkish statements from the Bank of Canada, which pointed to a possible end to the rate-cutting cycle. Also supporting the Canadian dollar is the rise in oil prices, which benefits the commodity-linked Canadian currency and restrains further strengthening of USD/CAD.
Now the key indicators for trading the pair are the U.S. Personal Consumption Expenditures (PCE) Price Index, to be published on Friday, and the Canadian unemployment rate, also set for release on Friday during the North American session.
From a technical perspective, last week's price drop below the 100- and 200-period SMAs on the 4-hour chart favors the bears. Oscillators on both the 4-hour and daily charts are negative. However, it is important to note that on the daily chart the pair has not fallen below the very important 200-day SMA. This indicates that the pair is not yet ready for a major long-term decline.
Price resistance was met at 1.3983, just below the psychological 1.4000 level. Support for the pair is expected at the 200-day SMA.
*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।
