Commodities and European currencies Test Key Supports
On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term movements. Thus, the US dollar/loonie currency pair is trading near 1.3600, euro/US dollar sellers are trying to push through the support at 1.0800, and the pound/US dollar pair is once again testing 1.2600.
USD/CAD
Fluctuations in the oil market and the Fed’s indecisiveness regarding changing the vector of monetary policy contributed to the strengthening of the USD/CAD pair to recent extremes at 1.3600. If buyers of the pair manage to gain a foothold above the mentioned level, the price on the usd/cad chart may continue to rise in the direction of 1.4000-1.3800. Otherwise, another price test of 1.3400-1.3300 is possible.
Today at 15:30 GMT+3, the publication of Canadian GDP data for January is expected. US GDP data for the fourth quarter will also be published and weekly data on the number of applications for unemployment benefits will be released.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term movements. Thus, the US dollar/loonie currency pair is trading near 1.3600, euro/US dollar sellers are trying to push through the support at 1.0800, and the pound/US dollar pair is once again testing 1.2600.
USD/CAD
Fluctuations in the oil market and the Fed’s indecisiveness regarding changing the vector of monetary policy contributed to the strengthening of the USD/CAD pair to recent extremes at 1.3600. If buyers of the pair manage to gain a foothold above the mentioned level, the price on the usd/cad chart may continue to rise in the direction of 1.4000-1.3800. Otherwise, another price test of 1.3400-1.3300 is possible.
Today at 15:30 GMT+3, the publication of Canadian GDP data for January is expected. US GDP data for the fourth quarter will also be published and weekly data on the number of applications for unemployment benefits will be released.
TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG
Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.