USD/CAD is trading at 1.31265, 0.19% up since previous day close. The Canadian Dollar (CAD) strengthened since last few sessions amid mixed USD on account of hawkish Fed’s future monetary stance. The recovering Oil prices further cushioned the CAD since they are directly corelated. On data front, the Core Retail Sales grew by 1.3% from -0.4% & the Retail Sales increased by 1.1% from 1.5% in the previous month. The traders will be looking forward to the result of CPI data which is due today. As seen in the chart, the USD/CAD is consistently trading below the short-term Moving Averages of period 10 & 20; while the ADX line is moving sideways below the level 25. Slight buying bias may be recommended for the day in CAD against the CAD on daily basis.

US100 is trading at 14882, 0.13% down since previous day close. The US markets slightly slid down on Tuesday ahead of the result CB Consumer Confidence data due to be released today. The panic over Fed’s future hawkish monetary stance made the indices to trade on lower side. The BoE’s surprise move of hiking interest rate by 50bps & Fed’s hint of smaller rate hikes in the future course of time led the selling pressure in major indices. The U.S Flash Manufacturing PMI fell to 46.3 from 48.4 & the Flash Services PMI rose to 54.1 against the expectation 53.9. As seen in the chart, the US100 corrected down till MA (10) & MA (20) which acts as a major support level. Wait & watch strategy may be adopted for the day in US100.

Gold is trading at $1929.11, 0.21% up since previous close. The mild recovery can be seen in gold prices on Tuesday against the mixed USD as traders & investors are digesting the Fed’s chances of hawkish monetary stance in future course of time. The result of U.S CB Consumer Confidence data will remain in to focus for the day. Last week, the prices plunged down after BoE hiked an interest rate by 50bps much higher than the expected hike of 25bps leading the rate to 5.00% from 4.50%. The China’s PBoC cuts down its Prime Lending Rate (PLR) by 10 bps lower than expectation which dragged down the prices; for China is a major consumer of metals. Slight buying bias may be recommended for the day in Gold.