USD

• The Fed left rates of interest unchanged as anticipated on the final assembly with principally no
  change to the assertion. The Dot Plot nonetheless confirmed three charge cuts for 2024 and
  the financial projections have been upgraded with progress and inflation increased and the
  unemployment charge decrease.
• The US CPI beat expectations for the third
  consecutive month, whereas the US PPI got here in step with forecasts.
• The US NFP beat expectations throughout the board
  though the typical hourly earnings got here in step with forecasts.
• The US ISM Manufacturing PMI beat expectations by an enormous margin with
  the costs part persevering with to extend, whereas the US ISM Providers PMI missed with the value index dropping to
  the bottom degree in 4 years.
• The US Retail Gross sales beat expectations throughout the board by a
  huge margin with constructive revisions to the prior figures.
• The market now expects the primary charge reduce in
  September.

CAD

• The BoC left rates of interest unchanged at
  5.00% as anticipated altering a line within the assertion that indicated much less concern
  about inflation and thus the potential of a reduce in June if the pattern stays
  intact.
• The most recent Canadian CPI got here in step with expectations though
  the underlying inflation measures eased additional.
• On the labour market aspect, the most recent report missed
  expectations throughout the board though we noticed an uptick in wage progress which is
  one thing that the BoC is watching intently.
• The Canadian Manufacturing PMI
  improved barely in March whereas the Providers PMI weakened additional. Each the
  measures stay in contractionary territory.
• The market expects the primary charge
  reduce in June.

USDCAD Technical Evaluation –
Every day Timeframe

On the every day chart, we are able to see that USDCAD got here
near the highest of the one-year vary across the 1.3862 degree however ultimately
rolled off again into the 1.37 deal with. We will see that from a threat administration
perspective, the consumers could have a a lot better threat to reward setup across the
1.3620 degree the place we are able to discover the confluence of the
earlier resistance turned help and the
61.8% Fibonacci retracement degree.
The sellers, alternatively, will need to see the value breaking beneath the
main trendline to show
the pattern round and goal a drop all the way in which again to the underside of the vary
across the 1.3225 degree.

USDCAD Technical Evaluation –
4 hour Timeframe

On the 4 hour chart, we are able to see that the value
yesterday broke beneath the minor upward trendline turning the bias extra bearish
and opening the door for a drop into the 1.3620 help. We now
have a minor downward trendline and the crimson 21 transferring common defining
the present bearish momentum. That is the place we are able to count on the sellers to step
in with an outlined threat above the trendline to place for a drop into the
1.3620 help with a greater threat to reward setup. The consumers, on the opposite
hand, will need to see the value breaking increased to invalidate the bearish
setup and place for a rally into new highs.

USDCAD Technical Evaluation –
1 hour Timeframe

On the 1 hour chart, we are able to see that we
have additionally the Fibonacci retracement ranges on this timeframe including some additional
confluence to the bearish setup across the trendline. Be careful for the US
Flash PMIs information at the moment as a result of it will likely be a market transferring occasion.

Upcoming Occasions

At present we get the US Flash PMIs. Tomorrow, we’ve got
the Canadian Retail Gross sales. On Thursday we are going to see the most recent US Jobless Claims
figures, whereas on Friday we conclude the week with the US PCE report.