OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CAD eyes on key level at 1.0200

The greenback is intensifying its rally against its fellow neighbour on Thursday, pushing USD/CAD to the boundaries of the key mark at 1.0200, as comm-bloc currencies continue to give ground.

According to the research team at TD Securities, the current USD rally is not showing any signs of weakness, while the analysts remain bullish on the cross. “Bullish momentum in this market is reflected in the alignment of the short, medium and longer-term trend (DMI) oscillators… We think the rally/consolidation (bull flag)/rally pattern of the past few months targets a move to 1.03”.

At the moment, the pair is gaining 0.20% at 1.0188 with the immediate hurdle at 1.0200 (psychological level) followed by 1.0232 (high Jul.25) and finally 1.0251 (high Jul.12).
On the downside, a dip beyond 1.0101 (high Jan.25) would expose 1.0078 (MA10d) and then 1.0055 (low Feb.18).

Forex Flash: NZD/USD uptrend hinges on stability above 0.8300 – Westpac

The RBNZ inflation expectations survey (Tuesday) will be the week’s highlight for markets. According to Global Strategist Sean Callow at Westpac, “We don’t expect a dramatic reversal of the 18-month decline in expectations just yet, indeed the last few CPI prints have been surprisingly low so this survey has downside risk.” The other important release is the Q4 terms of trade (Monday), which could surprise with a bounce based on lower import prices (currency effect). Migration (Wednesday), trade balance (Wed), building permits (Thursday) and business confidence (Thursday) complete a busy week.
Read more Previous

Bearish pressure increases on the Euro

The European currency extended its decline against the dollar on Thursday amid renewed signs the euro zone economy is struggling after PMI came in lower than expected. Besides, the US dollar remains underpinned expectations the Fed may stop providing monetary stimulus after yesterday's FOMC minutes.
Read more Next
Start livechat