USD/CAD at key resist – Japan yields likely higher [Video]
![USD/CAD at key resist – Japan yields likely higher [Video]](https://editorial.fxsstatic.com/images/i/USDCAD-bearish-line.png)
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Kim Cramer Larsson
KCL Consult
Kim Cramer Larsson hosts the Daily Technical Update, a daily 15-20 minutes video with live charts.
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After closing the previous week in positive territory, GBP/USD trades with caution around 1.3500 on Monday. The pair faces headwinds from a modest US Dollar rebound as mood sours on persistent uncertainty surrounding the reopening of the Strait of Hormuz and US-Iran talks.
EUR/USD keeps its range near 1.1550 in the second half of the day on Monday, holding the retreat from fresh highs since June 17, touched in reaction to the disappointing US jobs data on Friday. Renewed Middle East tensions lend support to the safe-haven US Dollar, capping the pair's upside attempts despite improved Eurozone sentiment data.
Gold (XAU/USD) holds firm on Monday as buyers take a breather following last week’s sharp rally, with the broader market theme still centred on the Federal Reserve’s (Fed) interest-rate outlook and developments in the Middle East. At the time of writing, XAU/USD trades around $4,333, little changed on the day.
Pi Network extends losses Monday after a bearish close the previous day, as price remains capped below the $0.1000 psychological threshold. Speculative demand for PI is low, with Open Interest holding above $9 million as broader market sentiment improves. The technical outlook for PI indicates a mild bearish bias as the $0.0961 resistance level remains intact.
It would be remiss of me not to kick off this morning’s report with a rundown of last Friday’s US jobs report, which was a belter. Headline payrolls fell by 23,000, versus expectations of an 80,000 gain. The BLS noted that May was revised down by 66,000 (from 129,000) and June by 37,000 (from 57,000), resulting in combined May-June revisions of 103,000 lower than previous reports.
The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.
