USDCAD Analysis
USDCAD price is standing exactly at the higher low of the uptrend line and the new support level in the 4-hour timeframe chart.
After confirmaiton of uptrend movement, USDCAD buy signal given.
USDCAD consolidates for few hours and then finally reached the take profit target successfully.
US Dollar: US initial Jobless claims forecasted
US Dollar makes higher high in recent days as Domestic data performed well.
Now US initial Jobless claims data in the table; any positive outcome will support US Dollar.
And FED will do rate hikes in early 2022, and inflation rates have been soaring higher in the last 30 years.
10-year US Treasury bond yield lower to below 1.60% and fell 3% from highs.
So, US Treasury yields fell lower as US Dollar will become weak in the upcoming months.
White House gives a good outlook on the US Goods Supply chain
White house reported US Good supply chain working better, and the maritime shipping sector should use all tools to free and fair competition.
US Justice Department is ready to aid FMC Federal maritime commission in promoting free and fair competitions.
And Congress must take transparency steps with the Maritime sector to improve exports and imports of Goods.
October data shows goods moving from L. Long beach ports increasing.
White house said Retailers must revise goods at fair prices from ships.
Canadian Dollar: Canadian CPI data printed in line with expectations
Canadian CPI data was published at 4.7% versus 4.7% expected yesterday, and Canadian Bond yields went lower after data makes disappointment.
OPEC+ committee said production will be significantly higher in the earlier 2022, and US Energy information administration agreed with OPEC+ decision.
Canadian Dollar is now waiting for the Bank of Canada to do rate hikes in December as inflation and Employment numbers came in line with expectations.
And USDCAD went up 3% from lows after Oil prices slightly fell as OPEC+ agreed to increase production next year.
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