During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Trading plan for June 8
2019-11-11 • Updated
The US dollar index continues its downward movement. It tested levels below $93.30. The next support lies at $93. No important economic data will be released on Friday. As a result, the further fall may happen.
Oil managed to recover from the negative economic data, however, it didn’t support the Canadian dollar. USD/CAD pair is rising, however, 50-hour MA doesn’t let the pair to move higher. On Friday, traders will take into consideration Canadian job data. The forecast is mixed. If the data are positive, the CAD will be able to rise. The support is at 1.2930 (50.0 Fibo level) and 1.2860. Otherwise, the USD/CAD pair will go up. Resistances are at 1.2975 and 1.3050.
The pound can’t break the resistance at 1.34. No important economic data will be released on Friday. If the pair closes below the resistance, a fall to 1.33 (the pivot point) may be anticipated. However, if the pair is able to break the resistance at 1.34, the further rise will be stopped at 1.3460 (50-week MA). Moreover, the pound fell to a one-month low versus the euro as investors sold the British currency before the British government publishes its proposals for a “backstop” plan for the Irish border.
On Thursday, Australian trade balance data was at the same level as anticipated (0.98B), however, it didn’t support the AUD. As a result, AUD/USD couldn’t stick above the resistance at 0.7660 again, 100-week MA weighs on it. The pair has already tested the support at 0.7640. If the pair closes below the support, the further fall is anticipated. No important economic data will be released on Friday.
The G7 summit is an important thing to look at. It starts on Friday in the morning. Traders will be able to get clues on the world economic growth and make a forecast on future currency movements. The summit is supposed to be interesting as the France President Mr. Macron has signaled that a progress on tariffs, Iran nuclear agreement and Paris climate accord must be made before he'll be willing to sign a joint statement. Let’s see what new we will learn from the summit.
Similar
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...