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USDCAD Tests 2019 Low, USD Pullbacks on Month-End Rebalancing - US Market Open

USDCAD Tests 2019 Low, USD Pullbacks on Month-End Rebalancing - US Market Open

Justin McQueen, Strategist

MARKET DEVELOPMENT – USDCAD Tests 2019 Low, USD Pullbacks on Month-End Rebalancing

DailyFX 2019 FX Trading Forecasts

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USD: Yet again ranges are relatively tight ahead of the G20 summit. The USD had come under initial pressure in the European morning session as rebalancing flows weighed. G10 currencies are generally firmer against the greenback, which has managed to hold the 96.00 handle thus far.

CAD: A mixed GDP report saw USDCAD bounce off yearly support at 1.3068. Tightening yield differentials and rising oil prices favour further CAD gains against the greenback. However, the BoC survey outlook could cap further upside in the near term, with the survey most likely to have been covered from early May to early June, which had been when US-China trade tensions had escalated.

EUR: Eurozone inflation had been in-line with expectations, while the core rate had jumped to 1.1%, however, this remains far from the ECB’s mandate and as such, saw a limited reaction in the Euro and short-end rates. Consequently, there is little to suggest that the ECB will not provide further stimulus from Q4.

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USDCAD Tests 2019 Low, USD Pullbacks on Month-End Rebalancing - US Market Open

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WHAT’S DRIVING MARKETS TODAY

  1. EU-Swiss Exchange Battle Continues: London Prepares to Delist Swiss Shares” by Daniela Sabin Hathorn , Junior Analyst
  2. Crude Oil Price Analysis: OPEC Set to Extend Production Cuts” by Justin McQueen, Market Analyst
  3. EURUSD, GBPUSD, GBPJPY – Charts for Next Week” 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

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

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