- April 9, 2018
- Posted by: Joey Benedid
- Category: Market News
Another quiet overnight session saw the dollar trade within tight ranges against most G7 currency pairs after Friday’s poor employment data pushed the dollar index back towards 90.00. As markets remain on edge with a possible Sino-American trade war looming we look towards U.S. inflation data due out Tuesday & Wednesday as well as FOMC meeting minutes being released Wednesday as well. The ECB will also be releasing their latest meeting’s minutes on Thursday while the heads of the RBA, ECB & BoE will be giving speeches this week.
USD/CAD has bounced strongly from lows seen Friday after Canadian data came out much better than expected prompting a buy on rumour, sell on fact scenario after the Canadian dollar could not rally beyond 1.2735. The Bank of Canada Business Outlook Survey will be released this morning at 10:30 AM EST giving us insight into the central bank’s future economic conditions and interest rate expectations. Look for pivot points to be 1.2725 on the downside and 1.2850 above.