{"id":3770,"date":"2024-07-12T13:06:54","date_gmt":"2024-07-12T10:06:54","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/usdcad-corrects-within-a-broad-channel\/"},"modified":"2024-07-12T13:06:54","modified_gmt":"2024-07-12T10:06:54","slug":"usdcad-corrects-within-a-broad-channel","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/usdcad-corrects-within-a-broad-channel\/","title":{"rendered":"USDCAD corrects within a broad channel"},"content":{"rendered":"<p>The USDCAD is showing a moderate decline on Friday, as weak U.S. inflation data reinforces traders&#8217; expectations for a <a href=\"https:\/\/marketcheese.com\/indicator\/us-fed-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\">Federal Reserve (Fed) interest rate cut<\/a> in September.<\/p><p>\u00a0<\/p><p>According to the U.S. Bureau of Labor Statistics, the <a href=\"https:\/\/marketcheese.com\/indicator\/us-cpi-yoy\" rel=\"noopener noreferrer\" target=\"_blank\">Consumer Price Index<\/a> (CPI) rose 3.0% year-over-year in June, down from 3.3% in May. The figure was below the market consensus of 3.1%. On a monthly basis, the CPI fell 0.1% in June to its lowest level in more than three years.<\/p><p>\u00a0<\/p><p>Financial markets are pricing in a nearly 85% probability of a Fed rate cut in September, up from 73% before the inflation report, according to CME Group&#8217;s FedWatch tool. The regulator is likely to outline its future course of action at its next meeting at the end of July.<\/p><p>\u00a0<\/p><p>Today, investors are awaiting the release of the U.S. Producer Price Index and the University of Michigan Consumer Sentiment Survey.<\/p><p>\u00a0<\/p><p>On the macroeconomic front, Canada&#8217;s unemployment rate rose to 6.4% and the economy lost 1,400 jobs in June. This increases the likelihood of further <a href=\"https:\/\/marketcheese.com\/indicator\/ca-boc-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\">interest rate cuts by the Bank of Canada<\/a>. Weak employment data for June may weaken the Canadian dollar.<\/p><p>\u00a0<\/p><p>The technical characteristics of the price of the <a href=\"https:\/\/marketcheese.com\/symbol\/usdcad\" rel=\"noopener noreferrer\" target=\"_blank\">USDCAD currency pair<\/a> are showing the formation of a broad correction on the D1 time frame. The price has retreated from the channel support, signaling a move to the opposite border.<\/p><p>\u00a0<\/p><p>The divergence of the Relative Strength Indicator (RSI) with a period of 14 on the H4 timeframe confirms the change in direction of the price towards growth.<\/p><p>\u00a0<\/p><p>The <strong>short-term outlook<\/strong> for <strong>USDCAD <\/strong>suggests buying with a target of <strong>1.3750<\/strong>. Partial profit taking is recommended at 1.3685. A stop loss could be set at 1.3550.<\/p><p>\u00a0<\/p><p>As the bullish trend is short term, trading volume should not exceed 2% of your total balance to reduce risks.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. 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