USDCAD: Navigating Powell's hawks and Strong Payrolls
Greeting Traders!
In today's trading session, we're eyeing a potential buying opportunity for USDCAD around the 1.34000 zone. Currently, USDCAD is in an uptrend but undergoing a correction phase as it nears the 1.34000 support and resistance area.
Adding a fundamental layer to our analysis, Chair Powell's recent shift in stance regarding a March rate cut is noteworthy. His clear statement that a rate cut is not the base case, combined with the robust payrolls report, reinforces the message of a resilient US economy. It's important to note that Powell has access to more information than the markets, yet he chose to signal against rate cuts rather than keeping options open.
In an environment where US economic growth leads the way, it tends to bolster the US Dollar. This dynamic suggests potential strength in the USD, which could influence the USDCAD pair accordingly.
Trade safe, Joe.
In today's trading session, we're eyeing a potential buying opportunity for USDCAD around the 1.34000 zone. Currently, USDCAD is in an uptrend but undergoing a correction phase as it nears the 1.34000 support and resistance area.
Adding a fundamental layer to our analysis, Chair Powell's recent shift in stance regarding a March rate cut is noteworthy. His clear statement that a rate cut is not the base case, combined with the robust payrolls report, reinforces the message of a resilient US economy. It's important to note that Powell has access to more information than the markets, yet he chose to signal against rate cuts rather than keeping options open.
In an environment where US economic growth leads the way, it tends to bolster the US Dollar. This dynamic suggests potential strength in the USD, which could influence the USDCAD pair accordingly.
Trade safe, Joe.
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