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USD/CAD up around 1.0290/95

FXstreet.com (Barcelona) - The Canadian dollar continues to give ground against its neighbour on Monday, pushing the cross to the area of 1.0290/95 ahead of Chicago Fed National Activity index.

Richard Kelly, FX Strategist at TD Securities, commented “Macro highlights this week will come on Wednesday with the release of the FOMC minutes and Bernanke’s semi-annual testimony, both of which should, in our view, strike a more dovish tone than the recent sell-off in Treasuries would suggest”.

USD/CAD is now advancing 0.08% at 1.0293 with the next hurdle at 1.0313 (high May 17) followed by 1.0315 (high Mar.8) and finally 1.0343 (2013 high Mar.1).
On the downside, a drop below 1.0189 (MA55d) would bring 1.0181 (low May 17) and then 1.0150 (MA21d).

The level of EUR shorts increased again to its biggest levels for 5 weeks on the back of disappointing Q1 GDP data from Germany and France. Poor economic news will make the EUR more sensitive to ECB

The single currency is trading in a better mood on Monday, orbiting around the 1.2855/60 region while posting decent gains vs. the US dollar...
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Session Recap: Dollar recedes in quiet session

The FX market saw a quiet start to the week, with Germany France and Switzerland on Whit Monday holiday. The US dollar trades slightly lower as investors take profits after Friday's rally. USD/JPY pulled back from a fresh 4 1/2- year high on Monday after Japan Economy Minister Amari said that past yen strength has been corrected and that additional yen weakness could have negative consequences.
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