USDJPY
EURUSD
USDJPY
USD/CAD Price Forecast: Faces selling pressure above 50% Fibo retracement at 1.3900
Key Takeaways (30s Read)
USD/CAD faces selling pressure at the 50% Fibonacci retracement level of 1.3900.
The USD/CAD pair trades flat around 1.3885 during the European session on Wednesday. The pair is consolidating ahead of the release of the US Producer Price Index (PPI) data for October and November, as well as the November Retail Sales data. Selling pressure is observed around the 50% Fibonacci retracement level at 1.3900. Market participants are cautious ahead of these economic indicators, which could increase volatility in the USD/CAD pair. The relative strength of the US dollar and Canadian dollar will also be pivotal. Attention will be on how the upcoming data releases impact market sentiment.
AI Analyst
AI Opinion
"Currently, USD/CAD is trading around 1.3885, with selling pressure near the 50% Fibonacci retracement at 1.3900. This suggests a period of adjustment ahead of the US economic indicators being released. The upcoming data’s impact on liquidity and volatility should not be underestimated. The results of these indicators will significantly influence the relative strengths of both the US dollar and the Canadian dollar, necessitating traders to watch the situation closely. This will also require early strategic planning for price movements in the future."
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