Markets on Thursday: The USD Regains its Mojo
Rowan Crosby • 1 min read
It was a very active day on forex markets with the USD/CAD leading the way. Volatility was high after the Bank of Canada (BOC) decided to hike interest rates. That sent the USD/CAD spiking higher, before abruptly retracing.
Elsewhere stocks staged a turnaround and continued their charge higher. It appears that it’s tough to slow down that freight train at the moment.
The USD at the same time found its feet after a number of tough sessions. That meant the majors were all extremely active. Most weakened against the Greenback including the EUR and the AUD. The Aussie had a red-hot crack at 80 cents, but couldn’t hold up.
Bitcoin (BTC) had another busy day, We finally broke out below the 13000 mark and we have been testing 10000 in a big way. So far it hasn’t been able to crack it and the buyers keep on piling in.
USD Finds its Feet
The Dollar has managed to find a bid in the last few sessions and we are now back to the 91.00 resistance level. I feel this is going to be a tough one to crack.
I’m still bearish on the USD and I am looking for more downside to some. So despite the rally in the Dollar and the strength in the majors, I will be using this as a pullback opportunity.