USDCAD has been supported by a Falling Support Trend line since August 14th and here soon Price could potentially give us a Bearish Break to that Trend line!Once a Breakout is validated, we could look for a Retest Set-Up for some Short Opportunities to take Price down to the Support Zone created by the August and September 2024 Lows.
An interesting fact to point out is if you observe the reaction of Price when it tests the Falling Support, we can see Price arc and the following reactions arc smaller, suggesting Bulls are losing strength on the push off of the Falling Support!
Price Action is being heavily driven by Fundamentals in the markets this week:
-USD-
ADP Non-Farm Employment - Previous 60K / Forecast 111K / Actual 37K
ISM Services PMI - Previous 51.6 / Forecast 52 / Actual 49.9
ISM Manufacturing PMI - Previous 48.7 / Forecast 49.3 / Actual 48.5
ISM Manufacturing Prices - Previous 69.8 / Forecast 70.2 / Actual 48.5
Unemployment Claims - Previous 239K / Forecast 236K / Actual 247K
*Average Hourly Earnings, Non-Farm Employment and Unemployment Rate are to be released tomorrow
-CAD-
BOC held Interest Rates @ 2.75%
Ivey PMI - Previous 47.9 / Forecast 48.3 / Actual 48.9
*Employment Change and Unemployment are to be released tomorrow
With BOC holding Interest Rates and the Federal Reserve possibly looking to cut rates because of a "softening labor market", this could fuel CAD to overcome the pair and put Bears in control to pull Prices lower!
tradingview.com/news/te_news:461365:0-dollar-falls-to-six-week-low-as-soft-data-fuels-fed-rate-cut-bets/
For All Things Currency,
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Novi's Trading Channel
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For All Things Currency,
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Keep It Current,
With Novi Fibonacci!
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.