USDJPY
EURUSD
USDCAD
USDCAD Technicals: The USDCAD are having some victories technically. Can they continue?
Key Takeaways (30s Read)
USDCAD is experiencing short-term selling pressure amid recent CPI data and technical analysis.
USDCAD moved lower today after a slightly softer U.S. CPI report, reinforcing the short-term downside bias. Technically, the pair fell below its 100-hour moving average at 1.38706, which is a significant achievement for sellers. This comes after a strong rebound since late December, where it rose from a low of 1.36415 to a peak of 1.3917. However, the investigation news regarding Fed Chair Powell prompted dollar selling, driving the pair back beneath its 100-day moving average at 1.39028, indicating a shift in the technical bias. Furthermore, market reactions to this report increased year-end rate-cut expectations and weakened the dollar. The outlook for borrowing costs and inflation will be critical factors influencing the markets in the coming weeks.
AI Analyst
AI Opinion
"The current USDCAD scenario highlights short-term selling pressure based on the latest U.S. CPI report and technical levels. The fall below the 100-hour moving average is crucial from a technical perspective, but recent economic indicators could influence Fed policy. The signs of easing inflation create a bearish environment for the dollar; however, the Fed's desire for solid data means further rate cuts may take time. Investors are likely to continue supporting risk assets as long as no new political or geopolitical risks emerge."
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