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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

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  • - BoC is accelerating work on digital currency - Decision on digital currency would be the government's
  • With the BOC's update today, I'd shift the group to being the most hawkish relative to the other major central banks. Still the setting for all of the majors is very dovish though. All relative. https://t.co/3MQX5ILGzA
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  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 1.05% 🇳🇿NZD: 0.49% 🇦🇺AUD: 0.30% 🇯🇵JPY: -0.06% 🇪🇺EUR: -0.09% 🇨🇭CHF: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ukmeM95hVA
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  • #Gold has risen to its highest level since late February today, rising to trade above 1,790. The precious metal attempted this level at the beginning of the week but had dropped back to 1,770. $XAU $GLD https://t.co/SwDnJnBicr
US Dollar, NZD/USD, AUD/JPY & More: Charts for Next Week

US Dollar, NZD/USD, AUD/JPY & More: Charts for Next Week

Paul Robinson, Strategist

The US Dollar Index (DXY) is working its way lower towards an important support test. The lower end of the rising channel since 2018 could come into play as soon as today or early next week. For the Dollar to maintain its balance and keep grinding higher it will be important that the lower parallel holds up. If not, the flood gates could open to the downside. For now, will respect support for what it is and if a proper reaction occurs, the trading bias could shift back higher in the days ahead.

US Dollar Index (DXY) Daily Chart (important support)

us dollar index (dxy) daily chart, important support

US Dollar Index (DXY) Chart by TradingView

NZD/USD recently sprinted through resistance around the 6450-line, now trading above the 200-day MA. However, just ahead lies a big trend-line test from April 2018. For now, the momentum is strong, but close attention will need to be paid to how the market treats the trend-line. React lower or trade on through? Those with good prices from lower may want to consider seeing the reaction first before deciding to take action, while it may be prudent for would-be shorts to wait until bearish price action confirms the trend-line as resistance.

NZD/USD Daily Chart (watch price action at Apr ’18 t-line)

NZD/USD daily chart, watch price action at april '18 t-line

NZD/USD Chart by TradingView

AUD/JPY is stuck in a tough spot right now. It has recently limped higher back to the trend-line from December of last year, but with that in mind, it is also supported by the trend-line off the August low. Looking at the 4-hr chart, we can see a channel forming. A break of the lower parallel could send AUD/JPY reeling again. A rise above the downtrend line will be needed to help firm up the outlook, but the falling 200-day MA will be another obstacle that has to be crossed.

AUD/JPY Daily Chart (stuck between trend-lines)

aud/jpy daily chart, stuck between trend-lines

AUD/JPY 4-hr Chart (channel)

aud/jpy 4-hr chart, channel

AUD/JPY Charts by TradingView

For the full set of technical details and charts, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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