- Analytics
- News and Tools
- Market News
- USD/CAD stalls below 1.3600 with the BoC and US jobs on focus
USD/CAD stalls below 1.3600 with the BoC and US jobs on focus
US Dollar recovery stalls with the BoC and US ADP on focus.
The Bank of Canada will leave rates on hold at 5%.
ADP employment is expected to have improved moderately.
The Bank of Canada is expected to leave its benchmark interest rate on hold at 5% for the third consecutive time. Inflation has confirmed its cooling trend, although it remains well above the BoC’s 2% target, while the economy contracted in the third quarter.
BoC’s governor Macklem has maintained a hawkish tone in recent speeches, highlighting the strong price pressures and refusing any chance of rate cuts. Investors will be looking for hints of a dovish turn to sell Canadian Dollars.
Somewhat earlier the US ADP will release its November payrolls report. Job creation is expected to have improved moderately, to 130,000 from 113,000. These figures anticipate Friday’s Nonfarm payroll report, thus any significant deviation from the market consensus might boost USD volatility.
The technical picture is mixed with a recent bullish cross in hourly SMAs offering some hope for bulls. Resistances are 1.3595 and 1.3620. Supports remain at 1.3550 and 1.3480.
Technical levels to watch
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
