The US dollar has slightly decreased against the Canadian dollar in Thursday’s trading session, with investors eagerly anticipating the release of the crucial Core PCE numbers on Friday. These numbers will provide valuable insight into the future monetary policy of the Federal Reserve.
The Core PCE is a key inflation gauge favored by the Federal Reserve as it reflects the potential impact on the average American. The recent fluctuations in the US/CAD forecast are not uncommon due to the close economic ties between the two countries. Traders are likely seeking opportunities to capitalize on any potential value in the market.
The 50-Day Exponential Moving Average is currently a focal point for traders, attracting attention as a significant technical indicator. Support is particularly strong around the 1.36 level, which has historically proven to be a key level of support. This area is closely monitored for any potential bounce that could attract significant market interest.
In the event of an upward breakout, the 1.38 level is a key resistance level to watch, having previously posed challenges for the currency pair. Any unexpected inflationary data from the US on Thursday could influence market sentiment towards tighter monetary policy, potentially impacting the US dollar.
For those interested in trading based on daily analysis and predictions, it is advisable to choose a reliable currency exchange broker in Canada.