FX Update: USD/CAD trades inside a classic technical pattern
Gary Christie April 17, 2020 10:54 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
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