We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/JVz5hswMHp
  • Gold Price Outlook: XAU/USD Pullback in Play – Charts to Watch https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/07/11/gold-price-outlook-xau-usd-pullback-in-play-charts-to-watch.html
  • Coronavirus continues to spread rapidly in the US and Latin America causing risk sentiment to falter despite ongoing economic recovery. Get your #currencies update from @HathornSabin here: https://t.co/RCQR6z77qY https://t.co/E2jzemH6bQ
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhgsQo https://t.co/Xq2lDE6s1T
  • Risk performance disparity is front and center while systemic issues meet key event risk. My trading video for the week ahead; '#Dow, $EURUSD, $GBPUSD Breakout Levels and Events Next Week' https://www.dailyfx.com/forex/video/daily_news_report/2020/07/11/Dow-EURUSD-GBPUSD-Breakout-Levels-and-Events-Next-Week.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/1Fp5OxRbiS
  • This week, EUR/USD rallied to a multi-week high. Will bulls keep leading the price next week? Get your #currencies update from @malkudsi here: https://t.co/zUozw703uC https://t.co/LIEcx52Xh0
  • The New Zealand Dollar is aiming higher, with NZD/USD eyeing fresh yearly highs while AUD/NZD may be carving out a bearish Head and Shoulders chart pattern. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/osFxXvq5xF https://t.co/Uk2RhkEyQO
  • A plethora of UK data, however, external factors remain the key driver as GBP/USD edges towards 200DMA. Get your #currencies update from @JMcQueenFX here: https://t.co/bWJGyiUSpQ https://t.co/qAg8NrAZor
  • The Japanese #Yen may rise if a growing number of coronavirus cases around the world puts a premium on anti-risk assets. JPY’s gains may be amplified if corporate earnings fail to impress investors. Get your #currencies update from @ZabelinDimitri here: https://t.co/yP4revKq6J https://t.co/7smgRKspLU
  • The US Dollar index (DXY) may face range bound conditions over the coming days amid the failed attempt to test the June low (95.75). Get your #currencies update from @DavidJSong here: https://t.co/GsBcE6Z4G6 https://t.co/HIJ4vvcBIg
CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

2014-07-18 15:10:00
David Song, Strategist
Share:

Talking Points:

- GBP/USD Outlook Hinges on BoE Minutes, U.K. 2Q GDP

- USD/CAD Hits Fresh Weekly Low (1.0707) on Canada CPI; Lower-High in Place?

- USDOLLAR Failure to Close Above 10,440 to Highlight Topping Process

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10441.33

10452.01

10426.75

0.05

96.64%

GBP/USD:

USD/CAD:

  • The USD/CAD faces an increased risk of carving a lower-high just below the 1.0800 handle as Canada Consumer Price Index (CPI) unexpectedly quickens to an annualized 2.4% in June from 2.3% the month prior.
  • Despite the break of the bullish momentum in the Relative Strength Index (RSI), the oscillator appears to be carving a lower-high as well.
  • Even though Bank of Canada (BoC) Governor Stephen Poloz talks down the risk for inflation, the ongoing shift in the policy outlook may continue to drive the USD/CAD lower as the central bank scales back its willingness to deliver another rate cut.

For more updates, sign up for David's e-mail distribution list.

CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Yen May Continue Higher as Geopolitical Jitters Fuel Risk Aversion

Dollar’s Haven Appeal Slow to Build as Global Headlines Shake Volatility

USDOLLAR Daily

CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index coming back from a fresh weekly high of 10,452 as U. of Michigan Confidence survey unexpectedly weakens to 81.3 from 82.5 in June.
  • Another failed attempt to close above 10,440 (78.6% Fibonacci retracement) may continue to highlight a near-term topping process for the USDOLLAR.
  • U.S. Consumer Price Index (CPI) & Durable Goods Orders highlight the biggest event risk for the greenback.
  • Interim Resistance: 10,508 (61.8% retracement) to 10,524 (38.2% retracement)
  • Interim Support: 10,354 (Oct. low) to 10,375 (50.0& retracement)

Release

GMT

Expected

Actual

U. of Michigan Confidence (JUL P)

13:55

83.0

81.3

Leading Indicators (JUN)

14:00

0.5%

0.3%

Click Here for the DailyFX Calendar

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.