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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDCAD for DEC 11, 2024.
USDCAD Key Takeaways
U.S. inflation data: November CPI data will be released. The market expects the month-on-month growth rate of the U.S. CPI in November to rise from 0.2% last month to 0.3%. The year-on-year and month-on-month growth rates of the core CPI are expected to be 3.3% and 0.3% respectively, which is consistent with last month. If inflation shows a shrinking trend, the December rate cut is a foregone conclusion, and there is still a chance that the U.S. dollar will continue to fall today.
BOC will debut: The Bank of Canada will announce its interest rate decision today. The market expects the Bank of Canada to continue to cut interest rates by 50 basis points, while focusing on the Bank of Canada’s forward guidance on the interest rate path next year.
USDCAD Technical Analysis
USDCAD Weekly Chart Insights
(USDCAD Daily Price Chart, Source: Ultima Markets MT4)
(USDCAD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sent out a bullish signal again after leaving the overbought area, suggesting that the upward momentum has not dissipated. It is worth paying attention to whether there are long opportunities this week.
Price Action: USD/CAD has tried to break through the upward channel line in the past two weeks. Last week’s sharp rise in the K line ate up all the liquidity orders of the previous shadow line. Once the exchange rate breaks through the shadow line high this week, it will start an accelerated upward trend.
USDCAD 4-hour Chart Analysis
(USDCAD H1 Price Chart, Source: Ultima Markets MT4)
(USDCAD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator sends a short signal in the overbought area, and the exchange rate creates a new high, forming a top divergence pattern. The short-term exchange rate will be dominated by a volatile downward trend.
Resistance price: USD/CAD encountered resistance at 1.41784, which was the high point on November 25. After nearly two weeks of volatile adjustments, the exchange rate returned to the vicinity of this price again. It suggests that the exchange rate is still dominated by a bullish trend in the short term. After the clear adjustment is over, the exchange rate will effectively stand above the resistance price. At that time, you can pay attention to the opportunity to break through the trend.
USDCAD Pivot Indicator
(USDCAD M30 Price Chart, Source: Ultima Markets APP)
(USDCAD M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 1.4145,
Bullish Scenario: Bullish sentiment prevails above 1.4145, first target 1.4195, second target 1.4220;
Bearish Outlook: In a bearish scenario below 1.4145, first target 1.4125, second target 1.4090.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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