USD/CAD Outlook: Finding Bottom At 3-Month Lows

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The dollar rebounded from a three-month low.

Data indicating faster-than-expected growth in the US economy.

The BoC revealed skepticism about the benefits of a potential digital currency.

As Thursday unfolded, the USD/CAD outlook took on a bullish tone, driven by a dollar rebound from a three-month low. However, the dollar was poised to mark its most substantial monthly decline in a year. Investors increased bets that the Fed would refrain from further rate hikes. Moreover, they awaited a crucial inflation report later in the day.

-क्या आप . के बारे में अधिक जानने के इच्छुक हैं? स्कैल्पिंग दलाल? हमारे विस्तृत गाइड की जाँच करें-

Notably, the dollar fell by 3.7% in November amid growing expectations that the Fed will cut interest rates in the first half of 2024. However, the dollar recovered some losses on Wednesday following upbeat data on growth in the US economy.

Attention will be paid on Friday when Fed Chair Jerome Powell will speak. This will follow remarks by Fed Governor Christopher Waller flagging a possible rate cut in the coming months. However, before that, investors will focus on the critical Personal Consumption Expenditure (PCE) price index. US futures markets are currently pricing over 100 basis points of rate cuts next year, starting in May.

Elsewhere, the Bank of Canada (BoC) revealed on Wednesday that most financial institutions expressed skepticism about the benefits of a potential digital currency. Like many other countries, Canada is exploring a digital version of its currency. This move prevents digital payments from being left solely to the private sector. Notably, the COVID-19 pandemic has reduced the use of cash.

As part of this initiative, the BoC consulted civil society groups, focus groups, financial institutions, and the general public to assess support and the viability of a digital Canadian dollar.

USD/CAD प्रमुख कार्यक्रम आज

US core PCE price index report
US pending home sales report
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USD/CAD technical outlook: Bulls resurface after the 1.3550 support level

USD / CAD तकनीकी दृष्टिकोण — USD/CAD 4-घंटे का चार्ट

The price has recovered on the charts after finding support at the 1.3550 support level. However, the bias remains bearish since the rebound is below the 30-SMA. At the same time, the RSI indicates strong bearish momentum as it trades below 50.

-क्या आप के बारे में जानने में रुचि रखते हैं विदेशी मुद्रा रोबोट? हमारे विस्तृत गाइड की जाँच करें-

Bulls are heading for the 30-SMA resistance, which has stopped them many times in the downtrend. Therefore, the price will likely reverse at the SMA, allowing bears to continue the downtrend. Still, there is a chance bulls will break above the SMA and the 1.3650 level to reverse the trend.

अब विदेशी मुद्रा व्यापार करना चाहते हैं? ईटोरो में निवेश करें!

इस प्रदाता के साथ CFDs का व्यापार करने पर 67% खुदरा निवेशक खाते में पैसा खो देते हैं। आपको यह विचार करना चाहिए कि क्या आप अपना पैसा खोने का उच्च जोखिम उठा सकते हैं।