Dukascopy Bank Team
Dukascopy Bank SA
USD/CAD
Upside risks dominated the US Dollar against the Canadian Dollar Tuesday. The USD/CAD currency pair has surged by 105 pips or 0.83% since yesterday's trading session.
Currently, the exchange rate is trading near a resistance cluster formed by the weekly pivot point and the 200– hour simple moving average at 1.2711.
If the resistance cluster holds, a decline towards the 1.2600 area could be expected today.
However, if the currency exchange rate breaks the cluster, bulls could pressure the price higher within this session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
Recommended Content
Editors’ Picks
AUD/USD remains under pressure from RBA rate decision
AUD/USD spiked lower by more than 20 pips following the RBA rate announcement to test the key psychological support at 0.6600. Losing this key level could see the currency pair trek lower towards the 100-hour EMA support near 0.6580.
USD/JPY extends recovery above 154.00, focus on Fedspeak
The USD/JPY pair trades on a stronger note around 154.10 on Tuesday during the Asian trading hours. The recovery of the pair is supported by the modest rebound of US Dollar to 105.10 after bouncing off three-week lows.
Gold price extends its upside as markets react to downbeat jobs data
Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.