2024-03-22 • Updated
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the improvement, ongoing challenges in retail sales growth, coupled with easing price pressures and a cooling job market, may prompt policymakers to consider adopting easier monetary policy in the coming months. However, there is little evidence of a sharp decline in retail activity that would urgently necessitate a rate cut by the Bank of Canada.
After breaking above the previous high on the daily timeframe, we’ve seen the price action on AUDCAD’s charts gradually slip back down to complete a retest of the drop-base-rally demand zone. In order to complete this execution, I have plotted a Fibonacci retracement tool, which shows me that the trendline support, and the moving average supports are all confirmations of my bullish sentiment.
Analyst’s Expectations:
Direction: Bullish
Target: 0.89154
Invalidation: 0.88040
The price action on GBPCAD replays a textbook break-and-retest pattern; following the break above the previous high, we’ve seen price retest the demand zone as well as the trendline support - with a little help from the Fibonacci retracement level, and the moving average support. Clearly, the bullish array of the moving averages pretty much confirms a bullish sentiment to be factual.
Analyst’s Expectations:
Direction: Bullish
Target: 1.72204
Invalidation:1.70146
Here again we see the same pattern play out on the daily timeframe of EURCAD; we clearly see the uptrend as indicated by the break above the previous high, with the 50 and 200 period moving averages serving as support areas for the price action at the moment. Combining this with the drop-base-rally demand zone and the Fibonacci retracement levels, I think it’s safe to anticipate bullish price action from that region.
Analyst’s Expectations:
Direction: Bullish
Target: 1.47286
Invalidation: 1.45723
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
