USDCAD Analysis

Daily Market Analysis 15.12.2023: USDCAD

Instrument: USDCAD

Bullish Preference:  
A Buy position is envisaged if the price trades above 1.33942 With Take profit at 1.34056
Bearish Preference:  
A Sell position is envisaged if the price trades below 1.33810 with Take profit at 1.33685
 USD:  Empire State Manufacturing Index 2:30pm
Industrial Production m/m  3:15pm
Flash Manufacturing PMI    3:45pm
Flash Services PMI 
   CAD       Foreign Securities Purchases      2:30 PM
                 BOC Gov Macklem Speaks         6:25 PM

There were no surprises from the Bank of Canada, which maintained the cash rate at 5.0%. The Canadian dollar posted some gains in the aftermath of the meeting but couldn’t consolidate and was almost unchanged on Wednesday.
The BoC has now paused three consecutive times, fuelling expectations that the current rate-tightening cycle is over and done with. The markets have priced in a rate cut in mid-2024 but the BoC retained its hawkish bias at the meeting, keeping the door open to further rate hikes.
Market participants are also looking ahead to this weekend’s OPEC+ meeting, where decisions on whether to extend production cuts will be critical for the Canadian dollar’s trajectory. As Canada is a major oil exporter, the outcome of the OPEC+ meeting could significantly impact the currency.

Analysis: SCRUM Team

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