Afternoon Forex - Forex News by FX Leaders

Afternoon Forex

Posted Tuesday, March 21, 2017 by
Skerdian Meta • 1 min read

The Canadian retail sales reports were released a couple of hours ago and they were great, literally. Core retail sales jumped by 1.7%, while the main retail sales number jumped by 2.2%.

That´s as great as it can get for a single month. The Canadian economy has been stuck in the doldrums for so long but we´re seeing some green economic data recently. This is, of course, positive for the CAD, hence the 50 pip drop in USD/CAD after the release.

But, some of this decline comes from the Dollar weakness. EUR/USD broke above 1.08, but it stalled right at 1.0820. This is another big level following 1.08. It provided support for months last year, so it´s supposed to provide resistance according to forex textbooks, now that the price is coming from the downside.

In other parts of the world, dairy prices rose by 1.7% against a 6.43% decline the last time, so it´s no surprise that NZD/USD has jumped 40 pips.

USD/JPY is still threatening 112 and by the look of it, seems like it won´t take long before this mild support level goes. Do you feel like going for a little scalp if this level breaks?

You can place a sell pending order just below 112 for a 20-25 pip scalp, but it will also depend on the momentum,. We will have to watch the price action when we get there. If the break is swift, then it´ll be safe enough to sell, but if we hang around there for too long, then a fakeout is possible. We will have to be careful, as always.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of