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
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • $EURUSD breaking above falling resistance from June after the #Fed and comments from Chair Jerome Powell sent #USD lower. Next key barrier at 1.1182. Granted, we still have #ECB, #UKelection2019 and Dec 15 US-China tariff deadline. Volatility still in the cards https://t.co/zilL59V8ul
  • $GBPUSD Daily Pivot Points: S3: 1.3056 S2: 1.3104 S1: 1.3124 R1: 1.3173 R2: 1.3202 R3: 1.325 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • $EURUSD implied volatility surged to 10.1% for the overnight tenor with interest rate decisions from the Fed and @ecb due today at 19:00 GMT and tomorrow at 12:45 GMT respectively. Get your market update from @RichDvorakFX here: https://t.co/c4MwWwtUEg https://t.co/srZifnviYv
  • $EURUSD Daily Pivot Points: S3: 1.102 S2: 1.1043 S1: 1.1054 R1: 1.1076 R2: 1.1089 R3: 1.1111 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.01% 🇳🇿NZD: 0.61% 🇨🇦CAD: 0.45% 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.16% 🇨🇭CHF: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Rf0O7djBLn
  • S&P Global Ratings upgrades Brazil outlook from stable to positive $USDBRL
  • LIVE NOW - Join @JohnKicklighter at for live coverage of the #FOMC rate decision and its impact on #Dollar as well as the broader financial #markets - https://t.co/nxPWwCAsDD
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 1.21% Gold: 0.74% Oil - US Crude: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Af55q0x94o
  • Event risks for tomorrow includes the $GBP UK General Elections, $CHF SNB Sight Deposit Interest Rate, $EUR ECB Deposit Facility and Central Bank Rate, and $CAD BOC Poloz Speech in Toronto https://www.dailyfx.com/calendar?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr https://t.co/GrHubvAwcN
  • $GBP: Yesterday’s YouGov MRP poll highlighted that the projected Conservative majority had narrowed from 359 to 339. Get your market update from @JMcQueenFX here: https://t.co/OsniVa6nk7 https://t.co/qaINQQwEMD
Canadian Dollar Remains Resilient, Japanese Yen Breaks Out

Canadian Dollar Remains Resilient, Japanese Yen Breaks Out

2010-03-24 15:54:00
David Song, Currency Strategist
Share:

03.24_DWL1

Looking beyond the strength in the greenback, the Canadian dollar remains resilient against its U.S. counterpart and is the best performing amongst the majors on Wednesday. The USD/CAD is currently 85pips higher from the open after moving 114% of its daily ATR, and the exchange rate may continue to push higher going into the Asian trade as the pair rebounds from the yearly low at 1.0062. However, the lack of momentum to hold above the 20-Day SMA at 1.0269 could lead the dollar-loonie to close the gap from the 120-SMA at 1.0185 before we see another break to the upside. Nevertheless, as the Bank of Canada holds an improved outlook for the region, expectations for a rate hike later this year could drive the exchange rate towards parity over the coming months as the Federal Reserve maintains its pledge to hold the benchmark interest rate the record-low for an extended period of time.

03.24_DWL2


03.24_DWL3

The Japanese Yen took the biggest tumble against the greenback, with the exchange rate crossing above the 200-Day SMA (91.56) to reach a high of 91.96. The USD/JPY remains 150pips higher on the day after moving nearly 193% of its average true range, but the advance appears to be finding psychological resistance ahead of the 92.00 as the 30-minute RSI falls back from a high of 91. As a result, the exchange rate could fall back going into Thursday’s session and test the 200-Day SMA for short-term support as it breaks out of the downward trend from the 2007 high (124.13). As a result, we may see a phase of consolidation paired with choppy price action heading into the following month as investors appear to be unwinding their positions funded by the low-yielding greenback, but the U.S. dollar is likely to face increased volatility going into the second-half of the year as investors weigh the prospects for future policy.

03.24_DWL4

Join us to discuss the outlook for the major currencies on the DailyFX Forums

To discuss this report contact David Song, Currency Analyst: instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.