{"id":5115,"date":"2024-09-04T14:44:34","date_gmt":"2024-09-04T11:44:34","guid":{"rendered":"http:\/\/27.preview.freshtone.ru\/usdcad-rebound-reached-its-first-target-and-is-now-on-track-towards-1-3635-level\/"},"modified":"2024-09-04T14:44:34","modified_gmt":"2024-09-04T11:44:34","slug":"usdcad-rebound-reached-its-first-target-and-is-now-on-track-towards-1-3635-level","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/usdcad-rebound-reached-its-first-target-and-is-now-on-track-towards-1-3635-level\/","title":{"rendered":"USDCAD rebound reached its first target and is now on track towards 1.3635 level"},"content":{"rendered":"<p><a href=\"https:\/\/marketcheese.com\/symbol\/usdcad\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>The USDCAD currency pair<\/strong><\/a> ended this summer at semi-annual lows, but with the onset of fall, quotes began to rebound upwards. Prices promptly reached the nearest growth target at the 23.6% Fibonacci level (mark <strong>1.356<\/strong>). Here one can notice some deceleration of buying, but the potential for continuation of the upward movement remains significant. If today&#8217;s news from Canada is in line with expectations, USDCAD will not need much time to move up to the 38.2% Fibonacci level (<strong>1.3635<\/strong>).<\/p><p><br><\/p><p><a href=\"https:\/\/marketcheese.com\/indicator\/ca-boc-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>On Wednesday, the Bank of Canada will hold a regular meeting, at which it may reduce the key rate for the 3rd time in a row<\/strong><\/a>. Economists surveyed by Bloomberg expect such a decision from the bank. According to their forecasts, a series of successive monetary policy easing will last until the middle of 2025, when the Bank of Canada rate will reach the level of 3%. Claire Feng from Royal Bank of Canada considers such a scenario to be very likely, especially since the Fed is about to start similar actions in the U.S.<\/p><p><br><\/p><p>Royce Mendes, managing director at Desjardins Securities, sees room for more aggressive policy easing by the Bank of Canada than the standard 25 basis point moves. <a href=\"https:\/\/marketcheese.com\/indicator\/ca-cpi-yoy\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>In his view, the inflation problem has now faded into the background<\/strong><\/a>, and the main focus of the bank should be on the labor market and GDP growth rates. Excluding government spending and emigration, the Canadian economy has virtually stopped growing.<\/p><p><br><\/p><p>Bloomberg analysts also pay attention to a sharp closing of short positions on the Canadian dollar in August. The relevant figure fell from $14 billion to $8 billion in just one month. Charu Chanana of Saxo Markets considers this a big risk for the Canadian currency, especially in case of a sharp strengthening of the U.S. dollar. <a href=\"https:\/\/marketcheese.com\/indicator\/us-fed-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>He recalls that the difference in yields between U.S. bonds and Canadian securities continues to play in favor of the U.S. currency<\/strong><\/a>.<\/p><p><br><\/p><p>Technical indicators <strong>RSI <\/strong>and<strong> Stochastic <\/strong>on the daily chart of USDCAD confirm the reversal and indicate further upward movement of quotes. The next target of the bulls may be the level of <strong>1.3635<\/strong>.<\/p><p><br><\/p><p><br><\/p><p>Consider the following trading strategy:<\/p><p><br><\/p><p><strong>Buy USDCAD at the current price. Take profit \u2013 1.3635. Stop loss \u2013 1.344.<\/strong><\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for USDCAD.","protected":false},"author":1,"featured_media":5101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-5115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>USDCAD rebound reached its first target and is now on track towards 1.3635 level - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"USDCAD rebound reached its first target and is now on track towards 1.3635 level - 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