Today, UM focuses on the USD/CAD

U.S. Economic Data Weakens: U.S. job openings in April hit the lowest level since 2021,Spot gold trading platform fueling expectations for an interest rate cut in 2024 and causing a decline in 10-year Treasury yields.

📅 Today's U.S. Data: Keep an eye on ADP employment changes and the U.S. #ISM Non-Manufacturing# PMI. With the increased likelihood of further rate cuts, results below expectations could further weaken the dollar.

📰 Bank of Canada Decision: A rate cut of 25 basis points is anticipated. Combined with low oil prices, this could lead to a sell-off of the Canadian dollar.

🔍 Technical Analysis Highlights:

• Stochastic Oscillator: The daily chart shows medium-term fluctuations, indicating recent oscillations. The 4-hour chart shows bullish signals in the oversold region but suggests a short-term downward bias.

• Moving Averages: The daily chart requires a breakout to define the trend. The 4-hour chart shows intertwined moving averages, indicating a sideways trend if it stays above the moving averages, with potential for upside.

📍 Pivot Points:

• Central Pivot: 1.3655

• Bullish Scenario: Above 1.3655, targets are 1.3695 and 1.3710.

• Bearish Scenario: Below 1.3655, targets are 1.3640 and 1.3620.

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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