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With a reversal of its previous week’s gains seen the past week, more decline is envisaged. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. The weekly RSI is bearish and pointing lower, supporting this view.Conversely, on the upside, resistance comes in at the 1.1100 level, with a cut through here opening the door for more upside towards the 1.1150 level. Further up,…
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Canada strong reasons to talk about easing monetary policy.
Canada could not have reported a more different employment report: 700 jobs were lost in June and yet the unemployment rate dropped to its lowest level in nearly a year. The improvement in the jobless rate was largely driven by a lowerparticipation rate as full-time workers dropped 40K and part-time hires increased by 39K. This marked the worst quarter for Canada’s job market in 2 years. USD/CAD hit a 1-week high on the news that, along with…
EURo/dollar rose to 1.1100
The euro/dollar closed up on Wednesday. Trades were volatile due to US stats. The pair restored to 1.1087 and then again fell under pressure due to ISM data for the service sector. The ISM’s index showed a June rise from 52.9 to 56.5 (forecasted: 53.3).The euro bulls managed to restore their losses quickly as everyone was waiting for the release of the Fed minutes. The regulator is ready to raise rates, although members of the FOMC believe that more economic data is needed to take such a decisio…
GBP/USD re-approaches 31-year lows after U.K
The pound reapproached 31-year lows against the U.S. dollar on Tuesday, after the release of downbeat U.K. service sector data added to concerns over the effects of the Brexit vote on the British economy.GBP/USD hit 1.3148 during European morning trade, the pair’s lowest since June 27; the pair subsequently consolidated at -, retreating -%.Cable was likely to find support at 1.3118, the low of June 27 and a 31-year trough and resistance at 1.3339, Monday’s high.Research group Markit said its …