Fundamental Overview
The US Dollar has been supported due to a lack of catalysts, despite a slowdown in momentum. Key economic data, the FOMC decision, and the US elections in early November are now anticipated by the market.
There is a belief that markets are preparing for a Trump victory, which could strengthen the USD. However, not all markets share this view.
The Canadian CPI report missed expectations, leading to an expected 50 bps rate cut at the upcoming meeting. The market now sees high chances of further rate cuts in December and beyond.
USDCAD Technical Analysis – Daily Timeframe
USDCAD has bounced back and is approaching a key resistance zone. Sellers may step in around this level while buyers hope for a breakout to new highs.
USDCAD Technical Analysis – 4 hour Timeframe
The 4-hour chart shows a bullish price action towards resistance, requiring a closer look for detailed analysis.
USDCAD Technical Analysis – 1 hour Timeframe
The 1-hour chart reveals a minor upward trendline suggesting bullish momentum. Buyers and sellers are watching for key levels for potential trades.
Upcoming Catalysts
Events including the BoC rate decision, US PMIs, jobless claims data, and Canadian retail sales are expected to impact future market movements.
