This article has been translated from English to Gen Z Slang.
It's gonna be a LIT day for peeps trading the U.S. and Canadian dollars cuz both the Fed and the BOC bout to drop some major tea with their policy decisions. 💼
Will today's headlines spill the beans and back up the recent downside breakout in USD/CAD? 👀
We’re diving into the daily time frame for the deets! 🌊
USD/CAD: Daily
USD/CAD Daily Forex Chart by TradingView
There's some major suss about a Fed rate cut in December, so traders are sus and selling the U.S. dollar against the Loonie. 🔥
Meanwhile, some central banks like RBA and RBNZ have been less chill about their policies, and Canada’s epic jobs report last Friday had traders thinking the BOC might be next to say, “we chill,” to their easing vibes. 🏦
USD/CAD’s been on a climb since July, but it hit a wall at 1.4150. Since then, it's ghosted under a trend line support and is lurking around the 1.3800 to 1.3850 zone. 📉Remember, the vibes in market price are mostly driven by the fundies, fam. 🧠 If you haven’t yet scoped out the lowdown on the U.S. dollar and the Canadian dollar, peep the economic calendar and stay woke on daily fundie tea! 📰
If some green candles pop up and things start to glow above the 1.3800 psychological handle, it’s a sign buyers cruised in around the S2 Pivot Point at 1.3814 and the 78.60% Fibonacci retracement. 💹
From that point, USD/CAD might make a run to the 100 and 200 SMAs near 1.3900 or even peep back at the broken trend line close to 1.4000.
But if the pair drops more red flags and keeps under the 1.3800 area of interest, it’ll confirm the downside breakout, pulling sellers to 1.3750 or even those 1.3600 old lows. 🔍
No matter where your biases lie, just remember to keep it real with some proper risk management and stay on top of high-key catalysts that might shake up the market vibes. 🎢
Disclaimer:
Yo, remember that this technical analysis is just for your entertainment and learning purposes. It's not trading advice or any kind of move suggestion. Technical analysis is only one piece of the puzzle. The setups talked about highlight potential zones that other traders might be peeping. All trading vibes, strategies, and their outcomes are on you. Be safe and trade smart. ✌️