Majors on Friday: CAD Finds its Feet as the Dollar Dips
The CAD was the mover on yesterday with some new found strength.
Hi Guys,
Markets are continuing to slow down, but there was still some action around. The CAD was the start yesterday and it was boosted thanks to an increasing price of oil and some solid data. That meant the USD/CAD has continued its slide.
The Aussie was also on the up and has nudged above its 200 SMA. That’s often the benchmark for a bull versus bear market. This is a bit of a change in trend for the Aussie that has been in bear mode for a number of months.
The DXY continues to decline, despite tax reform going through. Weaker GDP didn’t help and we are unlikely to see any new highs this year.
Forex Majors
AUD/USD – We are edging higher and into the 200 day SMA zone.
EUR/USD – The Euro is consolidating under 1.1900 which might be our next level of interest.
USD/JPY – The Yen has run into resistance at 113.50 which appears to be holding for now.
NZD/USD – Resistance has taken hold in the Kiwi as the holidays near.
USD/CAD – The USD/CAD has faded and was the biggest mover overnight.
USD/CHF – The Swissy jumped but looks to be in a downtrend.
GBP/USD – The Pound is compressing which means there might be a breakout looming.
US Dollar Index (DXY) – The USD keeps falling and the highs look some distance away.
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