|Day's Range||0.75 - 0.751|
|52 Week Range||0.7284 - 0.7821|
On the weekly chart, the USD/CAD pair was heading upwards, targeting the center line of the Bollinger Bands. Today, traders can take a back seat as the economic calendar lacks significant USD-specific and CAD-specific events.
US July Housing Market data releases would remain as the critical point of interest for traders today. On the daily chart, the Loonie pair was heading to the south side, recalling the Death Cross of mid-July.
Based on the early price action, the direction of the index the rest of the session is likely to be determined by trader reaction to the short-term 50% level at 97.840.
After taking a bounce off from the 2:1 Gann line earlier this month, the USD Index was underway to sustain a strong positive trend. Bulls appeared to stay in the lead on the daily chart.
The economic calendar stays quite light on Wednesday in terms of USD/CAD-impacting economic events. Crude dropped following API Crude data report revealing mounting US Crude Inventories.
On the 4H Chart, the Loonie pair appeared to travel well above the Green Ichimoku Clouds, sustaining the near-term positive trend. On the Crude side, Saudi stays underway efforts to boost the commodity’s price with the IPO of Aramco.
The economic calendar stays lightly weighted amid lack of substantial economic events throughout the day. On the weekly chart, the bulls seem to step down as the pair has broken below a 2:1 Gann line.
The Chinese Yuan pair continued to stay sustained within a multi-month uptrend channel. Canadian currency slipped following disappointing Jobs data thereby allowing the Loonie pair to climb fresh heights.
After a long time, the market will witness some CAD-specific economic data releases today. On the hourly chart, though the price actions remained in the lower vicinity of the Bollinger Bands, the pair was heading to the north.
Looking at the day ahead, it’s a busy day for the Pound, with a heavy economic calendar to provide direction. Geopolitics will also remain in focus.
Based on the early price action and the current price at 97.475, the direction of the September U.S. Dollar index the rest of the session is likely to be determined by trader reaction to the intermediate 50% level at 97.510 and the intermediate Fibonacci level at 97.230. Inside this zone are three Gann angles at 97.260, 97.365 and 97.450. Holding inside this zone is likely to lead to a choppy two-sided trade.
On the weekly chart, the USD/CAD bulls appeared to roll up sleeves and head north side. Weekly Jobless Claim data releases stay at the top in the trader’s daily event watchlist.
On the event front, the Canadian July Ivey Purchasing Managers Index s.a. data release might attempt to tweak the pair’s daily movements. On the hourly chart, the USD/CAD pair was resiliently moving upward, staying close to the 1:1 Gann line.
During the Asian trading session, the Greenback was testing the 23.6% Fib Retracement level or 97.64 level. On the hourly chart, the buyer side seemed less interested as the RSI was pointing towards 46.19 levels.
As per the monthly chart, the bulls might overtake the bears in the long run. On the daily chart, the Loonie pair was making upside moves, aiming the overhead Red Ichimoku Clouds.
The U.S Dollar slides early as the markets continue to reel over Trump’s latest tariff tweets. The stats will need to be impressive to shift focus…
Nonfarm payrolls and wage growth will need to be impressive to offset negative sentiment stemming from Trump’s latest tariff threat…
Today, the Greenback continued to move resiliently upwards and was trading near 98.87 level in the morning session. On the hourly chart, the USD/CAD was struggling to make breakthrough above the 1:1 Gann Line.
The Dollar finds early support following a more hawkish than expected rate cut. Manufacturing PMIs and the BoE are in focus later in the day.
The primary focus of the market remains over the Fed rate cut decision scheduled at around 18:00 GMT. On the Weekly Chart, the Loonie pair was underway recovery.