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Canada saw some better than expected inflation data on Friday which were welcomed by USD/CAD sellers. The pair would have probably been trading much lower if it weren't for uncertainty regarding NAFTA, U.S. politics and Canadian housing market, all of which keep the Bank of Canada in cautious mode. 1.26 is the initial support and stronger one closer to 1.25.
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EURo breaks above 2015 - 2016 trendline
Euro just broke above the trendline, drawn off of 2015 and 2016 highs, helped by the continued drama in U.S. politics. The pair appears ready to attack the big figure at 1.15, that has been capping it since early 2015.
Last year's high (1.1615) is the next target ahead of the 2015 high (1.1715) which is backed by 38.2% retracement of the 2014 - 2016 downswing. Broken 1.1430 - 1.1450 area should now offer initial support.
Last year's high (1.1615) is the next target ahead of the 2015 high (1.1715) which is backed by 38.2% retracement of the 2014 - 2016 downswing. Broken 1.1430 - 1.1450 area should now offer initial support.
USD/JPY supported above 110
USD/JPY has been range-bound for the third week. U.S. data has been solid and Fed speakers haven't tried to undermine June hike expectations. U.S. politics is always a risk but as long as Fed is tightening, the pair should remain supported.
Range bottom is protected by 200 DMA and the big figure at 110. A break below the figure would target April low and 61.8% retracement of the Trump rally. 112 level and 100 DMA are capping the upside. A break above that would put May high into view.
Range bottom is protected by 200 DMA and the big figure at 110. A break below the figure would target April low and 61.8% retracement of the Trump rally. 112 level and 100 DMA are capping the upside. A break above that would put May high into view.