|Day's Range||0.764 - 0.768|
|52 Week Range||0.7284 - 0.7821|
Based on the early price action, the direction of the September U.S. Dollar Index the rest of the session is likely to be determined by trader reaction to the pivot at 96.740.
At the top of today’s watchlist, traders look for the US Jobless Claim reports. A triumphant march above the 50-day and 100-day SMA conflux would activate the 200-day SMA stalled near 1.3200 psychological mark.
It was a mixed bag on the data front in Asia as Japan sees exports tumble. Corporate earnings also disappointed as trade war angst returns…
Today, Prime Minister Theresa May broadcasted a piece of advice to her successor. The drowning Fiber finally found a stoppage near 1.1200 level on Wednesday.
It’s a quiet day on the economic calendar, which will leave the Pound in the spotlight. Brexit woes continue to trouble the Pound, which is on the slide this morning…
On the Weekly Chart, the USD/CAD pair appeared to remain sandwiched between the overhead 200-day SMA and below lying 100-day SMA. Today, the market stays attentive to the upcoming BoC June YoY Consumer Price Index (CPI) Core.
On the daily chart, the pair seemed to have difficulty in breaching the 1-month old descending slanting resistance. Today, the vital economic events remain the Fed’s Chair Powell’s speech and June Retail Sales data.
Crude Oil prices dropped after China posted its slowest quarterly economic growth in at least 27 years. On 1-Day Chart, the USD/CAD pair was forming a bearish rising wedge trading pattern.
US-Sino and the US-Iran tensions continued to weigh over the Crude Oil prices. As per the Ichimoku Clouds technical indicator, the main trend remains bearish for the USD/CAD pair on a broader time scale.
Based on the early price action, the direction of the September U.S. Dollar Index on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 96.830.
Today, on an overall basis, the USD bulls appeared overtaking the USD bears, making the Greenback conquer new levels. During today’s session, the Loonie had lost some significant pips as Canadian June Net Employment figures missed estimates.
On the US side, the Non-Farm Payrolls and the YoY Average Hourly Earnings are something that needs special attention. While, on the Canadian side, traders must keep a closer watch over the Canadian June Employment and Unemployment Change data release.
Crude Oil prices continued to linger near the 10-day low as EIA reported downbeat data last night. Today, after rebounding from 1.3054 level, the pair was showing some positive movements, slightly entertaining the bulls.
Despite appealing AUD-specific data, the Aussie pair hesitated to make a move following downbeat Chinese June Caixin Services PMI data release. The Cable slipped, reaching a two-week bottom, after the release of weaker June UK Markit Services PMI.
The Crude Oil price chart movement was forming a symmetrical triangle trading pattern after displaying a sharp pullback yesterday. Traders eye the significant June ISM Non-Manufacturing PMI figures.
It’s risk off early on as the markets now look to economic data for direction near-term. Trade negotiations are likely to drag on…
The only noteworthy event on the US side remains the Fed New York President Williams Speech at 10:35 GMT. Meanwhile, the Oil prices dropped despite the OPEC decision to extend supply cuts until next March.
Both the significant 100-day and 200-day SMA was hovering above the USD/CAD pair, signaling a bearish trend. On a 4-Hour Chart, though the Ichimoku Clouds and base line traded above the pair, the position of the conversion line was something worth noticing.
The Greenback is on the move. Weak stats out of China failed to hit risk appetite as the markets respond to news of a resumption of trade talks.
The breakdown of the components of the index shows the Euro lost 0.01% against the U.S. Dollar. The British Pound lost 0.39%. The Japanese Yen lost 0.58% versus the greenback. The Swiss Franc was unchanged. The biggest winner was the Canadian Dollar. It gained 0.98% against the U.S. Dollar.
The US May MoM PCE – Price Index, Personal Income data and June Michigan Consumer Sentiment Index reported higher-than-estimated. The Japanese May YoY Housing Starts recorded -8.7% over -4.3% forecasts.
The Loonie pair attempted twice in the Asian session to breach the sturdy 1.3102 resistance mark. The US Dollar Index appeared to lose several pips, reaching 96.11 level amid Fiber upsurge.