The coast is evident by way of top-tier financial experiences within the New York session, so I’m this straightforward pattern pullback setup on USD/CAD.
Will patrons defend this space of curiosity?
Earlier than transferring on, ICYMI, as we speak’s Asia-London session watchlist checked out a pullback setup on AUD/CHF ahead of the RBA minutes. Make sure to try if it’s nonetheless a legitimate play!
And now for the headlines that rocked the markets within the final trading sessions:
Contemporary Market Headlines & Financial Information:
Upcoming Potential Catalysts on the Economic Calendar:
- U.S. constructing permits and housing begins at 12:30 pm GMT
- New Zealand GDT worth index developing
In the event you’re not aware of the foreign exchange market’s fundamental buying and selling classes, try our Forex Market Hours software.
What to Watch: USD/CAD
The Canadian greenback appears to be in a superb temper now that the federal elections are over, and PM Trudeau was capable of keep in energy.
However how lengthy will this Loonie rally final?
Threat-off flows have been in play over the previous few hours, as Evergrande woes are spilling over to stocks and commodities. If this retains up, the safe-haven greenback would possibly regain its footing.
USD/CAD is inching in direction of the world of curiosity across the 61.8% Fib, rising pattern line and former resistance on the 1.2700 main psychological mark.
If patrons step as much as defend this degree, the pair might get well to the swing excessive close to 1.2900 and past.
Technical indicators assist a continuation of the climb, because the 100 SMA is above the 200 SMA whereas Stochastic is exhibiting a bullish divergence.
Don’t neglect to assessment the average USD/CAD volatility for those who’re planning on shopping for the dip!