In today's trading session, our focus turns to USDCAD as we anticipate a buying opportunity around the 1.33700 zone. Having recently broken out of its downtrend, the pair is now navigating a correction phase, approaching the critical retrace area at the 1.33700 support and resistance zone.
Adding a fundamental perspective to the technical analysis, it's important to note the recent US December core CPI data, which revealed a 3.9% year-on-year increase, surpassing the expected 3.8%. This potential strength in the US dollar could contribute to a reversal scenario for USDCAD, and traders should closely monitor the unfolding dynamics in this session.
As always, trade safe.
Joe
Adding a fundamental perspective to the technical analysis, it's important to note the recent US December core CPI data, which revealed a 3.9% year-on-year increase, surpassing the expected 3.8%. This potential strength in the US dollar could contribute to a reversal scenario for USDCAD, and traders should closely monitor the unfolding dynamics in this session.
As always, trade safe.
Joe
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Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.