FX Update: USD/CAD trades inside a classic technical pattern
Gary Christie April 17, 2020 5:54 PM
The US Dollar was bearish against all of its major pairs on Friday.
FX Update : USD/CAD trades inside a classic technical pattern
The US Dollar was bearish against all of its major pairs on Friday. On the U.S. economic data front, the Leading Index fell 6.7% on month in March (-7.2% expected), from a revised -0.2% in February. On Monday, no major economic data is expected.
What happened in the FX market Friday?
EUR/USD gained 32pips to 1.0872
GBP/USD was up 35pips to 1.2492
USD/JPY fell 31pips to 107.61
USD/CHF dropped 27pips to 0.9676
AUD/USD rose 40pips to 0.6367
USD/CAD fell 64pips to 1.4018
And the dollar index declined 0.28pt to 99.743
Looking at the FX pair above with the largest move on Friday, The USD/CAD declined inside a bullish falling wedge pattern on a daily chart. We may see further downside to test the lower declining trendline as support. Key support rests just below the developing pattern at 1.375 with an upside target at 1.435.
Have a great weekend
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.