USD

• The Fed left rates of interest unchanged as anticipated on the final assembly with a shift in
  the assertion that indicated the top of the tightening cycle.
• The US GDP beat
  expectations by an enormous margin.
• The newest US CPI barely beat expectations however analysts
  count on the Core PCE to print at 0.2% M/M once more following the CPI knowledge.
• The labour market continues to melt however stays
  resilient with US Jobless Claims lacking expectations this week however hovering round
  cycle lows.
• The newest US PMIs beat expectations by an enormous margin for
  each the Manufacturing and Providers measures.
• The US Retail Gross sales beat expectations throughout the board.
• The College of Michigan Client Sentiment report jumped to the best ranges since
  2021.
• The Fed members not too long ago have been pushing
  again on the aggressive charge cuts expectations.
• The market sees 50/50 likelihood of a charge lower in
  March.

CAD

• The BoC left rates of interest unchanged at
  5.00% as anticipated and dropped the language about being ready to hike if
  wanted.
• The newest Canadian CPI beat expectations throughout the board with
  the underlying inflation measures remaining elevated, which ought to give the BoC
  a motive to attend for extra knowledge earlier than contemplating charge cuts.
• On the labour market aspect, the most recent report missed
  expectations though wage progress spiked to the best stage since 2021.
• The Canadian PMIs proceed to fall
  additional into contraction because the economic system retains on weakening amid restrictive
  financial coverage.
• The market expects the BoC to start out
  chopping charges in Q2.

USDCAD Technical Evaluation –
Every day Timeframe

On the
every day chart, we are able to see that USDCAD broke by the important thing trendline and
prolonged the rally into the 1.35 deal with. This breakout opened the door for a
transfer into the swing excessive resistance round
the 1.36 deal with the place we are able to additionally discover the 61.8% Fibonacci retracement stage
for confluence. The
consumers ought to carry on searching for dip-buying alternatives on the decrease
timeframes whereas the sellers will wish to see the momentum altering and a few
key breakouts earlier than piling in additional aggressively.

USDCAD Technical Evaluation –
4 hour Timeframe

On the 4 hour chart, we are able to see that the pair has
been consolidating not too long ago between the 1.3430 help and 1.3530 resistance.
In such situations, one can “play the vary” by shopping for at help and promoting at
resistance. The truth is, the consumers would have a significantly better danger to reward setup
in the event that they purchased at help concentrating on the 1.36 deal with, whereas the sellers would
have it by promoting at resistance concentrating on a breakout under the help.

USDCAD Technical Evaluation –
1 hour Timeframe

On the 1 hour chart, we are able to see that the
sellers stepped in across the 38.2% Fibonacci retracement the place we had additionally the
crimson 21 transferring common for
confluence to focus on a drop into the help and finally a breakout. The
consumers, alternatively, will probably pile in across the help to place
for a rally again into the resistance and improve the bullish bets if the worth
had been to interrupt above the downward trendline.

Upcoming Occasions

At the moment the one notable launch would be the US PCE
report.