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 Download
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
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
Gold
Bearish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • The $USD may rise against the Norwegian #Krone and Swedish #Krona in the week ahead as panic about the #coronavirus inflames demand for anti-risk FX at the expense of cycle-sensitive assets. Get your market update from @ZabelinDimitri here:https://t.co/9Dqik0Xj2u https://t.co/wTkPVLVYun
  • The $JPY may rise as the S&P 500 outlook risks shifting more bearish on signals in trader positioning. What is the road ahead for USD/JPY given the outbreak of the coronavirus? Find out from @ddubrovskyFX here:https://t.co/1B6fkUQmem https://t.co/MMAZhdkogT
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.00% Silver: -1.09% Oil - US Crude: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DZRNhJUklr
  • Asia Equities Update [delayed]: Nikkei 225 (-3.48%) Shanghai Comp (-2.86%) ASX 200 (-2.86%) KOSPI (-2.94%) Check out our Analyst @DavidCottleFX for the latest news on APAC equities amid the #coronavirus here - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/28/Asian-Stock-Prices-Wilt-Again-As-Coronavirus-Routs-Wall-St..html?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.40% 🇬🇧GBP: -0.03% 🇨🇭CHF: -0.14% 🇨🇦CAD: -0.33% 🇦🇺AUD: -0.48% 🇳🇿NZD: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/nYMxSnskuL
  • Regional #stockmarkets were naturally hammered following a scary day on #WallStreet. Currencies were pressured too, but with broader differences in fortunes as markets price in lower US borrowing costs. #coronavirus, #AUSUSD, #NZDUSD, #USDJPY, #ASX200 https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/28/Asian-Stock-Prices-Wilt-Again-As-Coronavirus-Routs-Wall-St..html?utm_source=Twitter&utm_medium=Cottle&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.05%, while traders in USD/CAD are at opposite extremes with 68.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3gSaJJnsPg
  • U.S. Vice President Mike Pence: Risk of spread of the coronavirus in the country remains low -BBG
  • Here is some more perspective: 2018 United States population = 327.2m (via U.S. Census Bureau) #coronavirus https://t.co/gzWCmasWCT
  • China's 290m rural workers' employment hit by the #coronavirus, says Human Resources Vice Minister You Jun -BBG
Euro Rebound Could Be Short-Lived, Canadian Dollar To Maintain Major Trend

Euro Rebound Could Be Short-Lived, Canadian Dollar To Maintain Major Trend

2011-02-23 17:06:00
David Song, Currency Strategist
Share:

Daily Winners and Losers

Euro_Rebound_Could_Be_Short-Lived_Canadian_Dollar_To_Maintain_Major_Trend_body_ScreenShot045.png, Euro Rebound Could Be Short-Lived, Canadian Dollar To Maintain Major Trend

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EURUSD

1.3761

1.3787

1.3649

111

138

Euro_Rebound_Could_Be_Short-Lived_Canadian_Dollar_To_Maintain_Major_Trend_body_ScreenShot043.png, Euro Rebound Could Be Short-Lived, Canadian Dollar To Maintain Major Trend

The Euro pared the decline from earlier this month to reach a high of 1.3787 on Wednesday, but the sharp advance should taper off going into the Asian trade as the rally remains overbought. The EUR/USD remains 110+ pips higher from the open after moving 104% of its average true range, and the exchange rate should move back towards the 120-SMA at 1.3667 as the relative strength index falls back from a high of 74. As the euro-dollar maintains the broad range from earlier this month, there certainly potential to fade the overnight rally, but hawkish comments from the European Central Bank may continue to prop up the single-currency as the Governing Council looks to toughen its stance on inflation. As speculation for higher borrowings costs takes the spotlight away from the sovereign debt crisis, the euro-dollar may continue to push higher throughout the remainder of the week, but the single-currency could face headwinds ahead of the EU Summit in March as the group struggles to meet on common ground. Nevertheless, as the economic event risks scheduled for Thursday are widely expected to reinforce an improved outlook for the euro-area, the fundamental developments could spark another rally in the EUR/USD as the recovery in Europe gathers pace.

Key Levels/Indicators

Level/Indicator

Level

20-Day SMA

1.3644

10-Day SMA

1.3606

100-Day SMA

1.3535

50-Day SMA

1.3416

Upcoming Events

GMT

Importance

Release

Expected

Prior

7:00

MED

German GDP s.a. (QoQ) (4Q F)

0.4%

0.4%

7:00

MED

German GDP w.d.a. (YoY) (4Q F)

4.0%

4.0%

7:00

MED

German GDP n.s.a. (YoY) (4Q F)

4.0%

4.0%

7:00

LOW

German Private Consumption (4Q F)

0.2%

0.4%

7:00

LOW

German Capital Investment (4Q F)

2.0%

1.3%

7:00

LOW

German Construction Investment (4Q F)

-0.4%

7:00

LOW

German Domestic Demand (4Q F)

0.4%

7:00

LOW

German Government Spending (4Q F)

0.2%

1.1%

7:00

LOW

German Imports (4Q F)

1.9%

7:00

LOW

German Exports (4Q F)

2.3%

10:00

LOW

Euro-Zone Economic Confidence (FEB)

106.8

106.5

10:00

LOW

Euro-Zone Business Climate Indicator (FEB)

1.61

1.58

10:00

MED

Euro-Zone Consumer Confidence (FEB F)

-10.0

-11.2

10:00

LOW

Euro-Zone Industrial Confidence (FEB)

6.5

6.0

10:00

LOW

Euro-Zone Services Confidence (FEB)

9.5

9.2

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USDCAD

0.9928

0.9959

0.9858

21

101

Euro_Rebound_Could_Be_Short-Lived_Canadian_Dollar_To_Maintain_Major_Trend_body_ScreenShot044.png, Euro Rebound Could Be Short-Lived, Canadian Dollar To Maintain Major Trend

The Canadian dollar continued to weaken against its U.S. counterpart, with the USD/CAD pushing above the 50-Day SMA (0.9953) for the first time since January, but the two-day rally may falter going into the end of the week as RSI falls back from overbought territory. The dollar-loonie remains 20+ points higher on the day after moving 139% of its ATR, and the sharp pullback from 0.9959 may gather pace throughout the day as the greenback struggles to hold its ground. In turn, the exchange rate may revert back to the 120-SMA at 0.9865, and the USD/CAD may trend lower over the remainder of the week as it maintains the downward trend carried over from the previous year. As a result, the dollar-loonie may make another run at 0.9800 during the last days of February, and the Canadian dollar may continue to outperform against the greenback in March as economic activity in Canada outpaces the recovery in the world’s largest economy.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

1.0043

20-Day SMA

0.9905

10-Day SMA

0.9878

2011 Low

0.9815

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

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

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

DISCLOSURES

News & Analysis at your fingertips.