USD/CAD hovers around 1.3540 during the Asian hours on Friday, showing signs of potentially ending its four-day losing streak. However, trading volumes are expected to be light due to Good Friday. The US Dollar's (USD) strength may be attributed to the hawkish sentiment surrounding the Federal Reserve's intention to maintain higher interest rates.
This shift in sentiment could be linked to recent robust economic data from the United States (US). Additionally, Federal Reserve Governor Christopher Waller's cautionary remarks, indicating no urgency to begin rate cuts, have tempered market expectations of three rate cuts in 2024.
US Gross Domestic Product (GDP) Annualized expanded by 3.4% in Q4, surpassing market expectations of remaining unchanged at a 3.2% increase. US Core Personal Consumption Expenditures (QoQ) for the same period came in at 2.0%, slightly below the expected and previous reading of 2.1%.
The Canadian Dollar (CAD) received a boost due to increased prospects of foreign currency inflows, fueled by the uptick in West Texas Intermediate (WTI) oil prices. The rise in Crude oil prices is linked to expectations that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue their production cuts.
Canada's Gross Domestic Product (MoM) expanded by 0.6% in January, surpassing the projected 0.4% increase. This indicates economic resilience and suggests a strengthening economic landscape. These figures have instilled confidence in Canada's economic outlook, dampening market expectations of immediate rate cuts by the Bank of Canada (BoC).
Overview | |
---|---|
Today last price | 1.354 |
Today Daily Change | 0.0000 |
Today Daily Change % | 0.00 |
Today daily open | 1.354 |
Trends | |
---|---|
Daily SMA20 | 1.3536 |
Daily SMA50 | 1.3505 |
Daily SMA100 | 1.3497 |
Daily SMA200 | 1.3495 |
Levels | |
---|---|
Previous Daily High | 1.3614 |
Previous Daily Low | 1.3525 |
Previous Weekly High | 1.3614 |
Previous Weekly Low | 1.3456 |
Previous Monthly High | 1.3606 |
Previous Monthly Low | 1.3366 |
Daily Fibonacci 38.2% | 1.3559 |
Daily Fibonacci 61.8% | 1.358 |
Daily Pivot Point S1 | 1.3506 |
Daily Pivot Point S2 | 1.3471 |
Daily Pivot Point S3 | 1.3417 |
Daily Pivot Point R1 | 1.3594 |
Daily Pivot Point R2 | 1.3649 |
Daily Pivot Point R3 | 1.3683 |
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