USD/CAD is trading at 1.35133, 0.06% down since previous day close. The Canadian Dollar (CAD) traded weaker against the strong USD as chances looms over less-dovish FOMC future monetary stance; as hinted by Fed official Waller on Tuesday. Also, the declining Oil prices further weigh down the CAD since they are directly correlated. On data front, the Canada’s CPI rate fell by 0.3% as expected which weakened the pair to some extent. The market will be looking forward to the result of Foreign Securities Purchases data which is to be issued today.  As seen in chart, the pair USD/CAD is firmly trading near MA (10) & MA (20) which indicates an either side breakout. Slight selling bias may be established for the day in CAD.

US100 is trading at 16716.3, 0.11% down since previous day close. The U.S markets slid down on Wednesday after the Fed Governor Christopher Waller hinted for less chances of rate cut in the month of March with a concern over resilient economy phase. Also, the weak Chinese outlook as its key economic figures posted poor result; subdued the global equity market. The USD climbed to one-month highs & the rising bond yields contributed selling pressure in US100. The result of Retail Sales data will remain in focus for the day. As seen in the chart, the index US100 is consistently trading near Fibo level 23.6 while the ADX line is hovering below the level 25 which indicates the sideways trading in an index on an intraday basis.

Gold is trading at $2021  .44, 0.04% down since previous close. The strong USD & rising bond yields after U.S Fed Governor Waller showed the lesser probability of rate cut in the month of March turned out to be negative for precious metals. The weak Chinese economic outlook as its GDP rate cooled down to 5.2% lower than expectation suppresses the gold prices; for China is a top consumer of metals. The U.S posted weaker Empire State Manufacturing Index data which further pushed up the USD & weakened the gold prices. As seen in chart, the gold is still hovering near major resistance level & hence, a breakout is expected if breaches the level. Wait & watch strategy may be adopted.