USD remains under pressure

The USD/CAD fell 194 pips to 1.3791 Monday making it the largest mover of the major pairs on Tuesday.

Downtrend 1

USD remains under pressure

The US Dollar was bearish against all of its major pairs on Tuesday. On the economic data front, New Home Sales rose to 623K on month in April (480K expected), from a revised 619K in March. The Conference Board's Consumer Confidence Index increased to 86.6 on month in May (87.0 expected), from a revised 85.7 in April. 

On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending May 22nd are expected to be released. Finally, the U.S. Federal Reserves is releasing its Beige Book.                                                                 

The Euro was bearish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, Germany's GfK Consumer Confidence Index for June was released at -18.9 (vs -18.2 expected).

The Australian dollar was bullish against most of its major pairs with the exception of the NZD. 

The USD/CAD fell 194 pips to 1.3791 Monday making it the largest mover of the major pairs. Traders who are bearish may want to consider the 1.3825 level as a stop-loss if you are riding the trend lower. A break above 1.3825 would call for a reaction near the 20-period moving average. For now, let's see if 1.3756 support can hold. 



Source: GAIN Capital, TradingView

Happy trading.

More from Forex

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.