OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/CAD retreating from highs

FXstreet.com (Barcelona) - The Canadian dollar is prolonging its depreciation against the greenback on Wednesday, although trimming part of the losses after hitting session lows in levels shy of the psychological 1.0300 handle.

“USD/CAD has traded through consolidation resistance in the mid 1.02 area and the set up looks bullish for a move to 1.0350/1.04… We note, however, that there is a broad alignment of bullish readings on the DMI oscillator which suggests (strongly, in our opinion) that scope for downside corrections remains very limited at present”, explained S.Osborne and G.Moore, Strategists at TD Securities

At the moment, the cross is advancing 0.51% at 1.0260 facing the next hurdle at 1.0265 (high Mar.22) followed by 1.0285 (high Mar.19).
On the downside, a break below 1.0181 (MA21d) would bring 1.0171 (MA10d).

Forex Flash: Korean tensions at impasse, risk premium to unwind – ANZ

Though North Korea continues to make threats towards the South, it is hard to see how much further tensions can escalate from here, short of an actual conflict developing. According to Senior FX Strategist Khoon Goh at ANZ, “We believe markets are starting to take the view that the worst is over, and that the geopolitical risk premium will gradually unwind.” Given that market positioning is still short KRW, there is scope for further gains in the won as these positions get squared up. Seasonal factors also support a rebound in won during the remainder of April.
Read more Previous

Forex Flash: USD/CNY fixing fell to a fresh low yesterday - DBS Group

DBS Group analysts note that the USD/CNY fixing fell to a fresh record low of 6.2408 yesterday and another period of substantial Yuan appreciation appears to be underway.
Read more Next
Start livechat