The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Today, the USD/CAD pair broke its two-day winning streak.
The decline in the USD/CAD pair can be attributed to the commodity-linked Canadian dollar, which is receiving support from rising crude oil prices, given that Canada is the largest oil exporter to the United States. For the second consecutive day, the price of WTI (West Texas Intermediate) oil continues to rise, trading above $77.00 per barrel as of the time of writing. This increase is driven by supply issues in the Middle East. Concerns about reduced Libyan oil supplies and Iraq's plans to cut production are supporting oil prices.
The decline in the USD/CAD pair may be limited as the U.S. dollar, following stronger-than-expected economic data released on Thursday, is attempting to hold on to its recent gains. However, dovish comments from the Federal Reserve could restrain further upward movement in the dollar.
Yesterday, Raphael Bostic, President of the Federal Reserve Bank of Atlanta and known as a leading hawk within the FOMC, indicated that it may be time to consider rate cuts due to further declines in inflation and higher-than-expected unemployment. However, he suggests waiting for confirmation from the upcoming monthly employment report and the next two inflation reports before the September Fed meeting. Today, attention should be paid to the PCE (Personal Consumption Expenditures) price index, as it may provide clues about the future direction of U.S. interest rates during the North American session.
From a technical perspective, the RSI (Relative Strength Index) is gradually entering the oversold zone, which could halt the pair's decline.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
