|Day's range||1.311 - 1.329|
|52-week range||1.2062 - 1.3376|
Elsewhere, the Australian dollar was higher, with AUD/USD up 0.83% at 0.7416, while NZD/USD rose 0.85% to 0.6801. The loonie was higher against the greenback, with USD/CAD down 1.11% to 1.3125.
Though the dollar has been moving from strength to strength, the strong oil prices have been helping the CAD strength and keeping a cap on the pair so far
Investing.com – The dollar reversed course against its rivals Thursday after U.S. President Trump said he was "not happy" about Federal Reserve rate hikes but downside was limited amid optimism over the U.S. economy.
The pair has broken out higher over the last 24 hours and continues to piggy back on the dollar strength
The USD/CAD is supported at 61.8 and 78.6 fib retracement of the last swing. 1.3166-84 is the first POC zone, where the bounce is possible, while the POC2 is 1.3125-1.3140. Both zones could be valid for longs providing that W L3 holds – 1.3110. Targets are 1.3220 and 1.3264. Continuation is only possible above 1.3265 towards 1.3307.
Employment numbers give the Aussie Dollar a boost as focus shifts to today’s stats out of the UK. Another set of weak numbers and the Pound could be looking at sub-$1.30 levels, progress on Brexit doing few favors.
Investing.com – The dollar was unchanged against its rivals Wednesday as gains on the back of a slump in the pound were offset by soft U.S. economic data showing subdued housing market activity.
In case the quote fails to cross the 1.3265 immediate barrier, it can revisit the 1.3220-15 zone, breaking which 1.3160 and an upward slanting TL, at 1.3125, may confine the pair’s following declines. While USDCAD has another resistance to break after clearing an intermediate hurdle, the GBPCAD’s recent break of ascending trend-line can’t be termed as a sign of its plunge unless closing below the 1.7160 TL-mark on a daily basis.
Worse CPI in the UK sends the GBP lower. On the GBPCAD it helps to break the long-term up trendline and the lower line of the rectangle. That is a strong sell.
The European Union and Japan signed a historic deal on Tuesday that will remove any tariffs on products they exchange.
Investing.com – The dollar rose against its rivals Tuesday, as Federal Reserve Chairman Jay Powell gave lawmakers a positive assessment of the economy, and expects to continue raising interest rates gradually.
Investing.com – The dollar was slightly lower against its rivals Monday, as in-line U.S. retail sales data, and slightly better than forecast regional manufacturing activity provided little impetus for upside in the greenback.
The pair has been chopping around and looking for direction over the last few days
Softer economic growth in China weighed on risk appetite early in the day, with the U.S – Russia Summit, trade tariff chatter and U.S retail sales figures in focus through the day.
Investing.com – The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low.
Investing.com – The dollar was roughly flat against its rivals Thursday, as U.S. economic data showed the pace of consumer prices was subdued last month, but downside was limited by a slump in the yen amid easing trade-war concerns.
USDCAD’s bounce off the three-month old ascending trend-line presently struggles with 1.3200-1.3210 horizontal-region in order to justify its strength in targeting the 1.3260 and the 1.3340 resistances. In case the pair manage to extend its recovery beyond 1.3340 on a daily closing basis, the 1.3385 and the 1.3470, comprising 61.8% FE can please the Bulls. On the contrary, the 1.3130-20 is likely immediate support for the pair to test during its pullback before revisiting the 1.3060 TL figure. Assuming that the quote keep declining beneath the 1.3060, the 50-day SMA level of 1. ...
Investing.com - The dollar rose to fresh six month highs against the yen on Thursday and was steady against a currency basket as solid gains in the latest U.S. inflation report reinforced expectations for two additional rate hikes by the Federal Reserve this year.
The USD/CAD has made a U-turn from the W L3 level, after a breakout of inverted head and shoulders pattern. At this point, 1.3150-75 is the POC zone, and we might see a bounce from the zone during the London/New York session. Targets are 1.3220 and 1.3250. Continuation is only possible at the 4h close or strong 1h momentum above 1.3250 which should initially be hard to break due to the weekly/daily pivot confluence. If the price breaks it, 1.3290 should be next.
the ECB will be releasing its monetary policy meeting minutes. The minutes cover the June ECB meeting where policymakers announced a taper to the QE program and an exit from QE by December 2018.
Investing.com – The dollar rose Wednesday as data showing U.S. wholesale prices increased at a faster pace than anticipated last month raised investor expectations for stronger inflation, increasing the prospect of further Fed rate hikes.
The Canadian Dollar (CAD) is an important currency part of the Forex dashboard. As part of the DXY (Dollar Index), where it holds almost a ten percent stake, the CAD reflects the strengths and weaknesses of the Canadian economy. Part of NAFTA (North America Free Trade Agreement), Canada has a performant economic model many countries only dream about.
The pair has been continuing to range and consolidate as the weakness in both the currencies continue to grip the pair
The economic calendar today will see investors shifting focus to the BoC’s monetary policy meeting. Chances of a rate hike remain high as the economists polled expect to see the BoC raising rates by 25 basis points at today’s meeting.