Forex Signals Brief for June 22: Big Data for the USD/CAD
Rowan Crosby • 2 min read
Markets continue to be at the mercy of the USD as we close out the trading week. This time it was the Greenback falling away, thanks to a weak Philly Fed and a Supreme Court ruling on sales tax in the US. However, Friday will be all about the USD/CAD given the economic data releases.
The USD/CAD has been on a strong upward trend at the moment. The USD strength combined with CAD pressure surrounding the tariffs has seen it become one of the most active recently.
On Friday we’ll get data on the state of Canadian retail sales as well as CPI. Let’s not forget how much of a big move we saw in the USD thanks to strong retail sales in the US and what that meant to GDP. So both of these data points have the potential to get things moving.
Forex Signal Update
The FX Leaders have slowly been putting together a solid week at the trading desk. On Thursday they racked up 4 wins and the two losses. Keeping us nicely in the positive for the week.
Bitcoin – BTC still can’t breakout above this key level. There looks to be some positives on the horizon though. As we know, the weekend is important for the cryptocurrencies where we often see big moves.
DAX – Strong support at 12,600 might well be a factor in what is a very active index to trade.
NZD/USD – Active Signal
The NZD/USD has bounced off what was a big support level. The downtrend is strong here and this looks an excellent place for a short position. Given the weakness in the USD, this might just be a short-term move and we are looking at a retrace back down to support. The profit target is at 0.6841.