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USDCAD = SELL TRADE SET UP

USDCAD = SELL TRADE SET UP

USDCAD
Daily/4H/1H indicates downtrend and currently, we have ±70 pips to a key level (1.30400) where price might be rejected. Might wait for a pullback on a smaller timeframe and enter.

Fundamentals:

Core CPI YoY–Consumer Price Index is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. A high reading is seen as positive ( bullish ), low reading is seen as negative ( Bearish ). Provides a better outlook on the economy than MoM. Expected to rise from 1.7% to 1.8%.

Core CPI MoM–although YoY provides a better outlook on the economy investors seem to be more interested in the MoM outcome. Forecasted to drop from 0.4% to 0.2%.

PPI YoY(Producer Price Index)-measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Changes in the PPI are widely followed as an indicator of commodity inflation . A high reading is seen as positive ( bullish ), low reading is seen as negative ( bearish ). Forecasted to drop from 0.6% to 0.3%

Philadelphia Fed Manufacturing Price Index-It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. Above 0.0 indicates improving conditions, below indicates worsening conditions. Forecasted to slightly drop from 15.0 to 14.4.

Unemployment Claims-The number of individuals who filed for unemployment insurance for the first time during the past week. Forecasted to drop from 840K to 810K

Presidential debate–last time didn’t bring any volatility to the market as it was more likely of a personal vendetta rather than debate.

Core Retail Sales -Change in the total value of sales at the retail level, excluding automobiles. Forecasted to drop 0.7% to 0.4% which is really bad for the currency.

Retail Sales-Change in the total value of sales at the there tail level.Forecasted to rise
from 0.6% to 0.7%.

Michigan Consumer Sentiment Index-is a survey of personal consumer confidence in economic activity. It shows a picture of whether or not consumers are willing to spend money. Forecasted to rise from 80.4 to 81.0 which indicates very strong sentiment and is good for the currency.

Our Comments:

Currently, a big fight over the stimulus package where Liberals area asking for $2.2T and Trump has agreed to approve $1.8T from a previous offer of $1.6T. Will possibly create volatility on the market and might boost USD for a short period of time.
The presidential debate is another one that everyone is looking into as the 1 stone didn’t bring any volatility as it was more of a comic sketch rather than debate. Seems like Biden is currently leading the race.
This week we have CPI , PPI, Unemployment Claims coming out and data is mixed


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