Technical My Tips

📊 EURUSD declines on the possibility of ECB rate cut EURUSD continued a downward correction on Monday. The pair lost 0.46% and closed below the support level of 1.10500. 👉 Possible effects for traders Friday's mixed U.S. labour data didn't clearly indicate whether the Federal Reserve (Fed) would opt for a 25-basis-point (bps) rate cut or a more substantial 50-bps decrease at the next policy meeting. Market participants currently anticipate the release of the U.S. Consumer Price Index (CPI) report on Wednesday for further guidance regarding the U.S. interest rate trajectory. However, the Fed has emphasised that employment remains a higher priority over inflation. According to a Reuters survey, the headline CPI figures are projected to increase by 0.2% month-on-month in August, the same as in July. A weaker-than-expected report could bolster market expectations for a 50-bps reduction. Meanwhile, the data meeting expectations might leave the debate surrounding a 25-bps versus 50-bps rate cut unresolved. As noted by Charu Chanana, head of currency strategy at Saxo Bank, this uncertainty persists. The European Central Bank (ECB) will convene its policy meeting on Thursday. The regulator will probably reduce interest rates once again. However, the main focus will be on officials' statements at the press conference. Currently, traders are factoring in about 0.63 percentage points of anticipated easing by the ECB this year. EURUSD has been moving sideways during Asian and early European trading sessions. The pair stays below the 1.10500 resistance level. Today, no major events that can influence this pair are expected to be released. 📲 Sign Up Now ➡️https://bit.ly/attocta

📊 USDCAD is near two-week highs, but the fundamental trend is bearish The Canadian dollar (CAD) gained 0.11% against the U.S. dollar (USD) on Monday as USDCAD traders took profit on their long positions after a massive rally on Friday. 👉 Possible effects for traders Friday's U.S. nonfarm payroll (NFP) data boosted the U.S. dollar, but a Canadian Employment report showed a rise in the unemployment rate, weakening the Canadian dollar and pushing USDCAD higher. Indeed, Canada's unemployment rate increased towards 6.6% in August, a three-year high, prompting economists to call for larger rate cuts from the central bank. ‘We continue to see a significant chance that central bankers will need to lower the policy rate in October by 50 basis points (bps) to avoid falling behind the curve’, said Royce Mendes, head of macro strategy at Desjardins Group. Last week, the Bank of Canada (BOC) cut its key policy rate by 25 basis points towards 4.25%. It was the third rate reduction in a row, and BOC governor Tiff Macklem said that deeper rate cuts could be implemented if the economy needed support. However, the market still expects the BOC to pursue a less dovish monetary policy than the Federal Reserve in the medium term. Therefore, the fundamental bearish pressure on USDCAD may persist for some time. USDCAD was rising slightly during the Asian and early European trading sessions. Today, the macroeconomic calendar doesn't feature data releases that might significantly impact USDCAD. Still, traders should monitor the upcoming speeches by central bank officials for any new clues on future changes in monetary policy. Tiff Macklem and Fed members Michael Barr and Michelle Bowman will give speeches at 1:10 p.m., 2 p.m., and 4:15 p.m. UTC, respectively. As long as USDCAD is below the important 1.36000 level, bears will remain in control, and traders will likely prefer to sell the rallies. 📲 Sign Up Now ➡️https://bit.ly/attocta

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BTCUSD, 15-minute timeframe chart BTCUSD broke the resistance level of 56,980.00 👉General outlook BTCUSD has been under buying pressure within the last couple of hours. 👉Possible scenario The best way to use this opportunity is to place a Buy order at 57,178.00. Set your stop loss at 56,323.00 below the previous low ($8.55 loss for 0.01 lot) and take profit at 58,033.00 ($8.55 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period. 📲 Sign Up Now ➡️https://bit.ly/attocta

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