Close this search box.

USD/CAD Downtrend Accelerates Amid Market Fluctuations

USDCAD Currency Pair Bearish RichDadph

The USD/CAD pair is showcasing a strongly developing downtrend, struggling to reverse recent losses in early Asian trade as it hovers near the 1.3570 mark. This trend offers key insights into the pair’s future movements. Key Points: 29 November 2023, 14:02 – USD/CAD: Strongly Developing Downtrend on the Charts – Scotiabank In early Asian trade, […]

Wall Street Finds Resilience Amid Economic Uncertainties and Geopolitical Tensions

Market Update - Daniel Ang The Accidental Trader Traders Academy International 7

As Wall Street contends with a multifaceted set of variables, including economic data releases, central bank policy decisions, and geopolitical developments, a nuanced approach is essential for market participants. The coming days are poised to be pivotal, offering both challenges and opportunities for traders and investors alike.

Global Markets in Flux Amid Economic Data and Central Bank Moves

Market Update - Daniel Ang The Accidental Trader Traders Academy International 5

Global markets are in a state of flux, with Wall Street declining due to unexpected U.S. job openings and potential Federal Reserve rate hikes. Asian markets are also suffering, hitting an 11-month low. Currency markets are volatile, especially the USD/JPY and USD/CAD pairs. The Reserve Bank of New Zealand has raised interest rates to a near 14-year high. Commodities and digital assets show mixed performance, with gold prices at a 7-month low and crude oil experiencing a slight uptick.

USD/CAD Faces Resistance Above 1.35; CAD Gains Limited Amid Rising Economic Concerns

USDCAD Currency Pair Bearish RichDadph

The Canadian Dollar (CAD) has shown gains against the USD, yet faces an uncertain recovery path. Historically, the USD/CAD rate struggles to maintain levels above 1.35. Short-term technicals favor CAD, but it faces significant support at 1.3495. Concurrently, the USD Index retains its bullish trajectory. Economic indicators present a mixed backdrop for Canada.