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.

Free Trading Guides
EUR/USD
Bearish
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
GBP/USD
Bearish
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
  • #Silver’s recent bull run may have run its course in the short-term with the sharp sell-off from the September 4 high print at $19.66/oz.Where is Silver heading? Get your market update from @nickcawley1 here: https://t.co/oVAZ4wPR7z https://t.co/1LvLXmqnwx
  • RT @Frances_Coppola: NY Fed thinks reserve hoarding by a small number of banks caused the repo tantrum. Question is, why are they hoarding…
  • Gold Prices Weekly Technical Forecast, Finding Upside Commitment? #GoldPrice #XAUUSD #Gold - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/20/Gold-Prices-Weekly-Technical-Forecast-Finding-Upside-Commitment.html?utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/CgaaEzb2li
CAD Soars, Oil Spikes on Drone Attack, USD Challenges 200DMA - US Market Open

CAD Soars, Oil Spikes on Drone Attack, USD Challenges 200DMA - US Market Open

2019-06-20 12:35:00
Justin McQueen, Analyst
Share:

MARKET DEVELOPMENT –CAD Soars, Oil Spikes on Drone Attack, USD Challenges 200DMA

DailyFX Q2 2019 FX Trading Forecasts

USD: Global central bank easing is on its way as the Fed confirms shift towards lowering interest rates. Consequently, the USD is underperforming across the board to test the 200DMA (96.61) once again as the decline in US yields erode support for the Dollar. However, an extension of losses could be exacerbated on a break below 96.50. (full analysis)

GBP: Despite the recent hawkish rhetoric from the BoE rate setters Haldane and Saunders, the BoE ultimately joined the rest of the world in citing a cautious approach to monetary policy at today’s meeting. The central bank had cut their Q2 GDP forecast to 0% from 0.2%, while also stating that inflation could be lower their 2% target later in the year. However, while GBP saw a modest pullback from its recent gains, the outlook for BoE policy has not changed in that they will remain on the side-lines until Brexit clarity is found.

CAD: The Loonie is soaring this morning, extending on yesterday’s gains inspired by not only a dovish Fed but the higher than expected inflation report. Alongside this, oil prices have spiked higher on yet another apparent escalation in the Middle East after Iran had downed a US drone that had reportedly been in Iranian airspace. As such, Brent crude futures rose as much as 3% to hover around $63.50.

NOK: Norges Bank confirmed it is the last hawk standing in the G10 having raised rates to 1.25% as expected, while also stating that they will most likely raise the rate again in September. Consequently, the NOK is the outperformer in the FX space, surging near 2% against the greenback.

CAD Soars, Oil Spikes on Drone Attack, USD Challenges 200DMA - US Market Open

Source: DailyFX, Thomson Reuters

IG Client Sentiment

CAD Soars, Oil Spikes on Drone Attack, USD Challenges 200DMA - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. Gold Price Soars to Five-Year High, Silver Smashes Through Resistance” by Nick Cawley, Market Analyst
  2. USD Price Analysis: Risk of Deeper Losses as Fed Confirms U-Turn” by Justin McQueen, Market Analyst
  3. Dow Jones, S&P 500, and Nasdaq 100 Technical Outlook as Highs Near” by Paul Robinson, Currency Strategist
  4. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.