During today’s Currency Call, Scott highlighted that the strong U.S. CPI data released on Wednesday boosted the U.S. dollar index pass the 90.50 resistance level. Currently, it is consolidating below the 90.80 level with attempts to break above it. With the ongoing supply chain disruption issue, a potential trade idea will be a sell of the dollar index with a stop-loss level at 91 and a take-profit level at 90.50.
Jin highlighted that the U.S. retail sales m/m data that will be released later at 2030 (SGT) is expected to perform a lot worse than previous month. Even if the data were to turn out better than expected, chances are it is still worse than its previous release. Thus, a massive slowdown in consumer spending may lead to the weakening of the USD.
The Canadian Wholesale Sales data that will be released later at 2030 (SGT) is expected to recover from the previous month’s decline, thus strengthening the CAD. With the expected weakness in the USD and the strengthening in CAD, USD/CAD may continue its downtrend.
During the day, USD/CAD weakened.
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