USDCAD Analysis

Daily Market Analysis 01.12.2023: USDCAD

Instrument: USDCAD

Bullish Preference: 
A Buy position is envisaged if the price trades above 1.35575 with take profit at 1.35770
Bearish Preference:  
A Sell position is envisaged if the price trades below 1.35299 with take profit at 1.35145
Final Manufacturing PMI  3:45 PM
ISM Manufacturing PMI  4:00 PM
Fed Chair Powell Speaks 5:00 PM
CAD 2:30 PM     
Employment Change      
Unemployment Rate

The dollar gained on Thursday as investors took profits on bets the currency would weaken further and shrugged off data showing signs the U.S. economy is slowing. Economic data suggested that the Federal Reserve is likely done raising interest rates and may start easing by the middle of next year, typically a dollar-negative factor.

The Canadian dollar remains steady  despite recent data showing softer inflation in Canada, which suggests that the Bank of Canada (BoC) may adopt a more dovish approach. Investors are closely monitoring BoC Governor Tiff Macklem’s scheduled speech today, which could provide further insights into the central bank’s future rate decisions

Analysis: SCRUM Team

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