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  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.01% 🇳🇿NZD: -0.04% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.12% 🇬🇧GBP: -0.12% 🇯🇵JPY: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GtO4ITHwT0
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  • My trading video for today: 'S&P 500 and #Dow Suffer Sharpest Tumble Since August 2015, Closer to Self-Sustaining Risk Off' https://www.dailyfx.com/forex/video/daily_news_report/2020/02/26/SP-500-and-Dow-Suffer-Sharpest-Tumble-Since-August-2015-Closer-to-Self-Sustaining-Risk-Off-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/tMmopEmE64
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/oQs8Ty4Eau
  • The Japanese #Yen may rise as the #SP500 outlook risks shifting more bearish on signals in trader positioning. What is the road ahead for $USDJPY given the outbreak of the #coronavirus? - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/26/Yen-Outlook-Bullish-USDJPY-May-Fall-as-SP-500-Sees-Dip-Buying.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ynFwtuzd6P
  • That's more or less a 268% increase after the government announced expansionary measures such as giving HK$10k to each adult permanent resident... https://t.co/kIM4QNkHuw
  • Hong Kong 2019/20 fiscal deficit at HK$37.9b, 2020/21 deficit at a record HK$139.1b -BBG
  • If you missed this week's session on IG Client Sentiment where I discussed the Japanese Yen and #SP500 outlook, check out the recording on YouTube here $USDJPY $AUDJPY #SPX - https://t.co/6VYWaVuJgZ
  • - Copper price outlook gloomy as #COVID-19 intimidates Chinese demand - Coronavirus threatens to derail global stabilization, pressure commodity - Copper futures have plunged over 10 percent, falling to 17-year uptrend https://www.dailyfx.com/forex/market_alert/2020/02/26/Copper-Outlook-Bleak-as-COVID-19-Threatens-China-Economy.html
  • The $JPY has lost out to a broadly resurgent US Dollar, with a clearly dwindling band of Yen bulls left to hope that the most recent rise has become overextended. Get your market update from @DavidCottleFX here:https://t.co/7Ndm5jiOi7 https://t.co/iXFakOQKJB
Pending USDCAD

Pending USDCAD

2010-07-30 15:10:00
Michael Wright, Currency Analyst

Once again, we continue to see a lackluster performance in the USDCAD as price action remains confined by the 50.0 and 61.8 percent Fibonacci retracement on the April 22nd to May 25th upswing. A breakout to the downside seems inevitable as our speculative sentiment now stands at 2.76, and signals for further declines. If the pair slips below the lower bounds, I will look to enter a short position and target the 1.01, which coincides with the 76.4 percent Fibo retracement. Indeed, a better than expected jump in the Canadian employment report may validate a short position as the loonie has added jobs for the sixth straight month thus far.

Earlier this week, I took a long USDJPY position which was unprofitable as the pair tumbled to the lowest level since November 30th as the economic data for the world’s largest economy disappointed throughout the week; economic activity slowed, while the Chicago federal national activity index tumbled for the month of June amid the increasingly fragile recovery. Also weighing on the U.S. dollar this week was the Fed’s Beige book which stated that growth is progressing at a slower pace than earlier this year. Though my USDJPY was unprofitable, my USDCAD short from 1.0410 last week hit its target of 1.0304 on Monday.

Going into next week, I will continue to monitor the USDCAD, and will also look for a good position to enter a long position in the USDJPY. It is noteworthy that our speculative sentiment index for the pair stands at an extreme level of 5.3, signaling for further declines. Though our index is forecasting for additional losses, we do not rule out a spike higher following rumors circulating the markets of a BoJ FX intervention. Another pair to keep a close eye out for is the EURUSD. Though I am very bearish on the euro, the 20-day SMA looks poised to crossover above the 100-day SMA, which is indicative of further gains. On the contrary, daily studies are nearing overbought levels, caution a test towards 1.2850. Good luck trading!!! Read more: Forex Analysis | Currency Trading Picks http://www.dailyfx.com/analyst_picks#ixzz0vB9SRYg1

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