Amana FS Daily Market Reports
- Core CPI increase 0.1% month-on-month, Core CPI year-year increases 2.4% Vs 2.3% expected
- Canadian retail sales data beats also
The Canadian Dollar has soared higher against the U.S. Dollar after better than expected core CPI data and better than expected retail sales figures for June. The USD/CAD pair has slumped back towards the 1.3160 level after lingering around the 1.3250 level prior to today’s data dump for the Canadian economy.
Traders are now pricing in more rate increases from the Bank of Canada, as the BoC remain data dependant when choosing whether to hike Canadian rates again, despite obviously global risks from ongoing trade disputes with the Trump administration.
A further break below the 1.3160 level, exposes the 1.3123 level, with the 1.3060 to 1.3050 region the key area to watch below the 1.3100 mark. To the upside, a move back above the 1.3220 level would be needed to stabilize the USD/CAD pair.
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The U.S. Dollar Index continues to hold just above the 95.00 level, as the greenback remains weak after U.S. President Trump’s remarks about the U.S. Dollar and pace of U.S. rate increases on Thursday.
Further comments regarding additional U.S. tariff trade on Chinese imports from U.S. President Trump today have hurt equity markets. The greenback is currently reeling, after being battered down from the 95.60 region yesterday, making it a false technical breakout above the peaks of 2018.
If the greenback slips below the 95.00 mark, the U.S. Dollar Index will find support from the 94.70 and 94.40 regions, as bears start to test familiar ground once again.
To the upside, the 95.18 and 95.30 resistance levels are the key areas to watch before bulls will start to contemplate another run at the 95.50 region.
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The U.S. Dollar remains under pressure below parity against the Swiss franc currency as currency traders head into the final session of an extremely volatile trading-week. The Swiss franc has started to benefit from its status as a safe-haven currency given the ratcheting-up of trade tensions between the United States and China since Thursday.
At current trading-levels the USD/CHF pair trades in the red for the week, despite an impressive rally to fresh 2018 trading-highs earlier this week. In now remains to be seen if the Swiss franc will continually benefit from trade war tensions, or if the U.S. Dollar will continue to dictate the pair’s directional bias.
Key technical support on moves below parity are currently found at the 0.9992 level and the recent swing-low, at 0.9957. Below the 0.9957 level, traders will start to eye-a-drop towards the July 17th low, at 0.9926 and 0.8891 support level.
Key resistance on moves above parity are found at the recent swing-highs, at 1.0010 and 1.0043, with the current yearly-high for the USD/CHF pair found at the 1.0066 level.
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Bitcoin trades close the highest levels of the month as BTC/USD bulls head into the weekend with strong double-digit gains. Bitcoin has surged higher this week on strong technical buying as the number one cryptocurrency by market capitalization fundamentals continue to improve.
Bitcoin has outperformed its nearest competitor Ethereum, with the BTC/ETH pair surging higher alongside the BTC/USD pair. From the Monday’s trading-low to Wednesday’s price peak, the BTC/USD pair reclaimed over twenty percent of its trading-value.
Price is currently trapped in an increasingly narrow-range, as traders await a break from the $7,200 to $7,500 price-range. Key resistance is found at the $7,700 and $7,839 levels, while key support for the BTC/USD pair is found at the $7,000 and $6,838 levels.
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Watch today’s market update for our technical analysis outlook for EUR/USD, Bitcoin (BTC/USD), Crude oil (WTI), Gold prices (XAU/USD), and DAX 30.
Watch the video for all the details.
- Donald Trump’s remarks on interest rates and the Dollar causes the DXY to stop in its tracks.
- EURUSD remains range bound between its June low and July high.
- Bitcoin prices remain little changed, and the price is trading near the June 3 high and likewise resistance level of $7784, which may trigger profit-taking.
- Gold prices bounce, but the short-term trend remains bearish below $1236.
- Crude oil prices are little changed.
- DAX 30 maintains a weak bullish bias.
The U.S. Dollar is easing-lower against the Canadian Dollar on Friday, after bulls failed to break above the 1.3300 level. The USD/CAD pair faded around the 1.3290 mark, with bulls failing on two-occasions to edge price above the key 1.3300 resistance level.
Commodity currencies remained fairly-weak against the greenback, after the U.S. Dollar Index unraveled on President Trump’s comments on Thursday. Commodity-related currencies remain extremely-sensitive to the on-going trade-war between the United States and China.
The USD/CAD pair is likely to come under further intraday selling pressure while trading below the former weekly-high, at 1.3258. Key technical support below the 1.3258 level is found at the 1.3220 and 1.3160 levels.
USD/CAD traders remains cautious, ahead of the release of key inflation data from the Canadian economy later today. Today’s release is important, as the Bank of Canada hiked rates at their previous monetary policy meeting.
Buyers will be aiming to break the 1.3310 resistance level if they can overcome the 1.3290 level later today.
What's your view on the USD/CAD? trade it with an FCA REGULATED BROKER.