Forex Signals Brief for Sep 5: BOC in Focus
Rowan Crosby • 2 min read
Markets are slowly building into what might just be a busy week come Friday. Today the attention will be on the USD/CAD as the BOC meets for its interest rate decision.
While the consensus is that there will be no change in official rates. The BOC will be buoyed by the fact that the economy is looking stable. And that’s been underlined by a strong period of economic data.
The concerns are obviously around tariffs and trade deals with the US. But it has been made clear that this won’t be a factor in the BOC’s decision making until it is set in stone.
Elsewhere today we will have Services PMI out of the UK and a number of second-tier releases for the Eurozone. Later today, we get the weekly US crude inventory data so again oil will be lively.
Markets continue to look forward to US employment on Friday, and yesterdays strong manufacturing data from the US might offer the potential for more new jobs than we had anticipated.
Forex Signal Update
After a quiet start to the week, the FX Leaders Team hit back hard on Tuesday, grabbing six winning trades and having only the one loss. Commodities were active yesterday and that provided a number of opportunities.
EUR/CHF – The EUR/CHF has bounced off support and there is a small pullback that might be worth a short.
DAX – The DAX is pushing into previous support and this is looking like it will be a big level to play off.
EUR/USD – Active Signal
The EUR/USD continues to be weak and there are plenty of sellers at the various resistance levels. Again we are looking for more selling to come in at 1.1600 and the USD continues to bounce. Hopefully, our SL has enough room to work.
Bitcoin – Active Signal
Bitcoin is still in grind mode. Out small levels might not be too much of an issue, but we will have some work to get through $8,000. So far so good.