- April 25, 2018
- Posted by: Joey Benedid
- Category: Market News
The dollar index continues to grind higher as the U.S. 10 year Treasury yield is trading above 3%. The DOW was hit hard yesterday as Treasuries flirted with the pivotal level and U.S. equities are tagged for further declines today on the overnight breach of 3%. The ECB rate announcement tomorrow is not expected to see any change and with U.S. durable goods out tomorrow we will take our queue off Treasuries once again for today’s market direction.
USD/CAD has also continued to grind higher on the back of widening yields between USD & CAD as we approach the 1.2900 level this morning. There are no significant Canadian data release in the near future and NAFTA announcements are not forthcoming so we are at the mercy of rate spreads for the time being. Resistance will come at 1.2915 with support now at 1.2820.