USDCAD Analysis

Daily Market Analysis 19.12.2023: USDCAD

Instrument: USDCAD

Bullish Preference:  
Buy position is envisaged if price trades above 1.34169  With take profit at 1.34356
Bearish Preference:  
Sell position is envisaged if price trades  below 1.33836 with Take profit at 1.33715
 2:30PM CAD:    CPI m/m 
 2:30PM  Median CPI y/y            
 2:30PM Trimmed CPI y/y        

The U.S. dollar slipped against the euro on Monday, extending last week’s fall, as the U.S. currency remains under pressure from the Federal Reserve’s signaling last week the possibility of interest rate cuts next year.
Bets that the Fed will lower its benchmark overnight interest rate at its March meeting by a quarter of a percentage point soared last week after the U.S. central bank left its policy rate unchanged in the 5.25%-5.50% range and officials forecast three-quarters of a percentage point in cuts next year.

Analysis: SCRUM Team

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