USDCAD posts a major rebound amid Crude selloff
Crude drops over 7% putting pressure on the Loonie: Chart
Share this:
The US Dollar was bullish against most of its major pairs on Tuesday with the exception of the JPY. On the US economic data front, no major economic data was released.
On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending September 4th is expected. Finally, US Job Openings for July are expected to increase to 6,000 on month, from 5,889 in June.
The Euro was bullish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, the European Commission has reported final readings of 2Q GDP at -11.8% (vs -12.1% on quarter expected). The German Federal Statistical Office has posted July trade balance at 19.2 billion euros surplus (vs 16 billion euros surplus expected). France's INSEE has released July trade balance at 6.99 billion euros deficit, vs 4.8 billion euros deficit expected.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD, CAD and GBP.
USD/CAD was the largest gainer on the day after jumping 127 pips to 1.3225 after WTI Crude prices tumbled $2.86 (-7.19%) to $36.91 in Tuesday's trading. Looking at the chart, an important breakout might be taking place.
Source: GAIN Capital, TradingView
Happy Trading
On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending September 4th is expected. Finally, US Job Openings for July are expected to increase to 6,000 on month, from 5,889 in June.
The Euro was bullish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, the European Commission has reported final readings of 2Q GDP at -11.8% (vs -12.1% on quarter expected). The German Federal Statistical Office has posted July trade balance at 19.2 billion euros surplus (vs 16 billion euros surplus expected). France's INSEE has released July trade balance at 6.99 billion euros deficit, vs 4.8 billion euros deficit expected.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD, CAD and GBP.
USD/CAD was the largest gainer on the day after jumping 127 pips to 1.3225 after WTI Crude prices tumbled $2.86 (-7.19%) to $36.91 in Tuesday's trading. Looking at the chart, an important breakout might be taking place.
Support has been identified at the 1.3035 area. The pair is attempting to break above a long term bearish channel in place since March after breaking above its 20-day moving average (in red). As long as price action remains above the bearish trend line, look towards the 50-day moving average as a target near the 1.3505 level which could signal the start of a major rebound to the upside.
Source: GAIN Capital, TradingView
Happy Trading
The US Dollar was bullish against most of its major pairs on Tuesday with the exception of the JPY. On the US economic data front, no major economic data was released.
On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending September 4th is expected. Finally, US Job Openings for July are expected to increase to 6,000 on month, from 5,889 in June.
The Euro was bullish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, the European Commission has reported final readings of 2Q GDP at -11.8% (vs -12.1% on quarter expected). The German Federal Statistical Office has posted July trade balance at 19.2 billion euros surplus (vs 16 billion euros surplus expected). France's INSEE has released July trade balance at 6.99 billion euros deficit, vs 4.8 billion euros deficit expected.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD, CAD and GBP.
USD/CAD was the largest gainer on the day after jumping 127 pips to 1.3225 after WTI Crude prices tumbled $2.86 (-7.19%) to $36.91 in Tuesday's trading. Looking at the chart, an important breakout might be taking place.
Source: GAIN Capital, TradingView
Happy Trading
On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending September 4th is expected. Finally, US Job Openings for July are expected to increase to 6,000 on month, from 5,889 in June.
The Euro was bullish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, the European Commission has reported final readings of 2Q GDP at -11.8% (vs -12.1% on quarter expected). The German Federal Statistical Office has posted July trade balance at 19.2 billion euros surplus (vs 16 billion euros surplus expected). France's INSEE has released July trade balance at 6.99 billion euros deficit, vs 4.8 billion euros deficit expected.
The Australian dollar was bearish against most of its major pairs with the exception of the NZD, CAD and GBP.
USD/CAD was the largest gainer on the day after jumping 127 pips to 1.3225 after WTI Crude prices tumbled $2.86 (-7.19%) to $36.91 in Tuesday's trading. Looking at the chart, an important breakout might be taking place.
Support has been identified at the 1.3035 area. The pair is attempting to break above a long term bearish channel in place since March after breaking above its 20-day moving average (in red). As long as price action remains above the bearish trend line, look towards the 50-day moving average as a target near the 1.3505 level which could signal the start of a major rebound to the upside.
Source: GAIN Capital, TradingView
Happy Trading
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
RBA delivers 25bp hike, Bullock now the main event
The RBA delivered the expected 25bp hike, but Bullock’s press conference now looms as the bigger volatility risk for AUD/USD and the ASX 200.
EUR/USD, USD/JPY Outlook: Oil, yields and an FX identity crisis
Crude oil is setting the tone across rates and FX, leaving EUR/USD vulnerable and USD/JPY caught between higher Treasury yields and the growing threat of intervention
AUD/USD Analysis: What's Next for the Australian Dollar After the RBA Decision?
Recent trading sessions have reflected a more neutral tone around the Australian dollar. This can be seen in AUD/USD price action, which has posted moves of roughly 0.2% over the last two sessions without establishing a clear direction. Much of this lack of momentum is linked to expectations surrounding the next policy moves from both the Reserve Bank of Australia (RBA) and the Federal Reserve.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.