USDCAD Price Action Trading Strategy
rfxsignals December 23, 2020 No Comments

The USD continues strengthening. Overview for 23.12.2020


EURUSD is falling while financial markets are becoming less active.

The major currency pair continues falling on Wednesday. The current quote for the instrument is 1.2182.

Yesterday, the USA reported on the GDP for the third quarter of 2020. After stimulus packages, the country’s economy added 33.4% q/q against the first estimate of 33.1% q/q. As a result, the third quarter completely eliminated the decline of the second one. So, the economy is still not alright but at least doesn’t look sick.

Later today, there will be more data from the USA and less time for work – the Catholic Christmas is almost here. America is planning to publish such reports as the Core Durable Goods Orders, which is expected to show +0.5% m/m in November after being +1.3% m/m the month before, and the Durable Goods Orders, which may add 0.6% m/m after increasing by 1.3% m/m over the same period of time.

Personal Spending is expected to lose 0.2% m/m in November after adding 0.5% m/m in October. On the other hand, Personal Income may lose 0.3% m/m after decreasing by 0.7% m/m over the same period.

Also. Investors will see the New Home Sales report, which is expected to fall a little bit in November, and the Revised University of Michigan Consumer Sentiment, which may correct down to 81.0 points in December after being 81.4 points in the previous month.

In other words, there will be a lot of numbers and market players will try to use the most interesting of them right here and right now because Christmas is around the corner.