FundamentalOverviewThe USD performance hasbeen mixed in the past days but still on net negative despite the decreasingDecember rate cut odds. It looks like the stock market is what has been drivingall other markets.In fact, when the stockmarket had positive days, we’ve seen Treasury yields and the US dollar rising,but when stocks performed poorly, Treasury yields and the greenback gave backthe gains. The market might be thinking that a selloff in the stock market isgoing to weigh significantly on the economy, eventually requiring the Fed tocut more or more aggressively. The focus now is of courseon the Fed and the US data ahead of the December FOMC meeting. The marketpricing is now showing just a 42% chance of a cut in December, so the data willhave the final say. I don't think the SeptemberNFP on Thursday is going to matter much if it's soft given that it's old data,but a strong report might be taken as meaningful because the market could thinkthat conditions were already getting better in September before the two ratecuts. Therefore, I think theNovember NFP is going to have the final say, which will hopefully get releasedjust before the FOMC meeting in December (we won't get the November CPI intime). On the CAD side, the BoCcut interest rates by 25 bps at the last meeting as expected bringing thepolicy rate to the lower bound of their estimated neutral rate range of2.25%-3.25%. The central bank has also signalled that they reached the end oftheir cutting cycle, although they kept the door open for another cut ifneeded. The recent data gave the BoCall the reasons to remain on the sidelines as we got another strong Canadianemployment report and the inflation data showed the Trimmed Mean CPI Y/Y remainingaround 3%. USDCADTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that we have a major trendline around the 1.3970 level. If the price getsthere, we can expect the buyers to lean on the trendline with a defined riskbelow it to position for a rally into new highs. The sellers, on the otherhand, will want to see the price falling below the trendline to increase thebearish bets into the 1.3887 level next.USDCAD TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a minor upward trendline defining the current bullishmomentum. The buyers are likely to lean on the trendline to keep pushing intonew highs, while the sellers will look for a break lower to pile in for a dropinto the major trendline.USDCAD TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as the buyers will look for a bounce, while the sellerswill target a break. We have also a minor support zone around the 1.4015 levelwhere the dip-buyers could step in, but a break below that zone should have freeroad until the major trendline. The red lines define the average daily range for today. Upcoming CatalystsToday we get the weekly ADP jobs data. Tomorrow, we have the FOMC meetingminutes. On Thursday, we get the September NFP report and maybe the US JoblessClaims data. On Friday, we conclude the week with the Canadian Retail Salesdata and the US Flash PMIs. This article was written by Giuseppe Dellamotta at investinglive.com.