A Ranging Market - Buy Low, Sell High (USDCAD incoming shorts)
USDCAD has recently rejected a key supply zone that has influenced sell positions since October 2022. This rejection sets the stage for a potential decline towards the 1.32 level. The following upcoming news events and data releases are crucial to watch, as they may impact USDCAD's trajectory:
May 27, 2024: Bank Holiday (low market activity expected)
May 28, 2024: CB Consumer Confidence (impact on USD sentiment)
May 29, 2024: No significant news or data releases
May 30, 2024: Preliminary GDP q/q, Unemployment Claims, Pending Home Sales m/m
May 31, 2024: Core PCE Price Index m/m (a major inflation indicator for the USD)
Given these scheduled releases, we anticipate USDCAD to begin its move downward. Stronger-than-expected data supporting the USD could provide resistance to this move, while weaker data could accelerate the decline. Monitoring these events will be critical for traders to gauge the potential direction and momentum of USDCAD.
May 27, 2024: Bank Holiday (low market activity expected)
May 28, 2024: CB Consumer Confidence (impact on USD sentiment)
May 29, 2024: No significant news or data releases
May 30, 2024: Preliminary GDP q/q, Unemployment Claims, Pending Home Sales m/m
May 31, 2024: Core PCE Price Index m/m (a major inflation indicator for the USD)
Given these scheduled releases, we anticipate USDCAD to begin its move downward. Stronger-than-expected data supporting the USD could provide resistance to this move, while weaker data could accelerate the decline. Monitoring these events will be critical for traders to gauge the potential direction and momentum of USDCAD.