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US Dollar Outlook: Fed Decision Due – Will it Spark Fireworks?
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  • US Dollar Outlook: Fed Decision Due - Will it Spark Fireworks? The $DXY edged lower on Tuesday with $EURUSD, $GBPUSD, and $USDJPY all feeling Dollar weakness. Will the Fed catch markets off-guard with another hawkish surprise tomorrow? Link to Analysis - https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/07/27/us-dollar-outlook-fed-decision-due-will-it-spark-fireworks.html https://t.co/iTt0jJiuUC
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  • Heads Up:🇰🇷 Consumer Confidence (JUL) due at 21:00 GMT (15min) Previous: 110.3 https://www.dailyfx.com/economic-calendar#2021-07-27
USD/CAD Breaks Channel Support

USD/CAD Breaks Channel Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Breaks Channel Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDCAD rally reversed at the confluence of the line that extends off of the June and July lows and short term channel resistance. The level is also the May high.

-The USDCAD broke the channel that defines action from the Sep low.

Trading Strategy: Close beneath the channel negates the bullish bias.

LEVELS: 1.0264 1.0289 1.0306 | 1.0360 1.0396 1.0420

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

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