Chapter 49 Is USDCAD going up?
29/06/2023
Summary
Positive data releases in the USA lead the market
Fundamental analysis
Fundamentally in this pair, We see the data released In the USA GDP and initial jobless claims with Unexpected positive results, yesterday Fed chair Powell's speech he repeat and insist that he strongly agreed on increasing interest rates this year at least two times Which this give the US dollar strength On the other hand we see in Canada yesterday the data release for the CPI inflation rate Same as market expected with lower figures than the previous month which will give the Canadian dollar weakness.
Canada CPI YoY
Prev.: 4.4%
Act.: 3.4%
U.S. Annual Real GDP Final QoQ (Q1)
Prev.: 1.3%
Act.: 2%
U.S. Weekly Initial Jobless Claims (SA)
Prev.: 265K person
Act.: 239K person
Technical analysis
In this 4-hour diagram chart, the market price now is 1.32479, we expect the market to move down Touch the 20-moving average and start to push up across the previous supply zone at 1.32800 And continue climbing up to the oldest supply zone at 1.33800 with the 20-moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.32861
Target Price: 1.33789
Stop Loss: 1.32408
