EXCLUSIVE OFFER
Get the latest trade ideas from our community to enhance your market insights and identify key entry points. Sign up for our newsletter to get live updates.
Consumer Confidence Improves, USDCAD In Play
Welcome to Tuesday’s trade! Business has picked up today, with stocks trending higher during the early Wall Street session. The USD is experiencing some weakness, the VIX is back beneath 30, and UKOIL is off about 1.5%. However, WTI is bullish, trading near $104 per barrel. Today’s economic calendar featured the CB Consumer Confidence Index for March. The number came in at 91.8, above expectations (87.8) and the previous release (91.0). Dana M Peterson, Chief Economist of The Conference Board, had this to say about the report:
“Consumer confidence ticked up again in March, as a modest improvement in consumers’ views of current conditions outweighed a slight downshift in expectations for the future. Three of the five components of the Index firmed in March, and overall confidence improved modestly for a second straight month. Nonetheless, the Index has been on a general downward trend since 2021.” In short: confidence improved a bit, but is still down from pre-COVID levels above 100. We’ll monitor this trend moving forward, as consumer confidence is a key aspect of economic growth. Here’s a resistance zone to watch for the USDCAD:
Monthly 78% Fibonacci Retracement, 1.4000
Check out our Key Levels for more information on this Trade Idea. That’s all for now; we’ll see you on today’s US session livestream! (Switch Markets on YouTube, 1:00 PM EST).
Input your email to be notified when our next free competition is open for registration.
Subscribe for on-demand lessons, trade ideas, trading challenges and weekly newsletters packed with actionable information.
