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In the Zone
- EURUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
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Market Insight Commentary – Indices
Market Recap
Another choppy day in the market yesterday as the dollar tried in vain to continue its recent run against the major pairs. The US jobless claims came in better than expected, but even this did little to help the dollar and instead the pairs made inroads against the greenback. Yesterday the technical levels did help dictate the move in the currency pairs.
The USDJPY was the big mover yesterday as the pair fell below the 200 hour MA and holding support against it for most of the day, this now becomes the risk for the sellers. I will be watching 107.60 with some interest as if price is able to stay below this level this afternoon, then the sellers may build another wave of momentum.
The EURUSD moved above 1.2310 which sent the price towards the 100 hour MA which is trading at 1.2350, as we head into Friday the key level to watch will be that level. The buyers will be looking for more momentum and will have to see a sustained move above that level if they are to gain any confidence – 1.2400 will still be their preferred level.
The USDCAD was the exception to the rule yesterday as the retail sales print in Canada was a horrendous number, the poor data meant that the dollar strengthened against the loonie. The 200 day MA trades at 1.2715 and this is close to where the price is currently trading. This is a pair I am watching with some interest today, I still wonder if this was a knee jerk reaction that needs to correct.
Important Economic Data Due Today
15:30 CAD CPI
Consensus: 0.4%
Effect: Higher than expected is good for the CAD
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