Canadian job data may push the CAD up
Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
Bitcoin stabilizes above $7,000
On Wednesday, the number one crypto asset was nearly intact, looking to consolidate profits gained over the last two trading marathons.
In early Wednesday trade, the currency pair BTC/USD came up with an outcome of $7,088.94. The given reading was recorded on the Kraken crypto exchange.
Having broken out of the $6,000-$7,000 range, a great number of crypto enthusiasts are looking at a major technical indicator as the next objective for the most popular cryptocurrency in the world. They told that they currently have a confirmation above the level $7,000 as well as a break of the 50-day moving average. They hope it will bring momentum build.
As for the next mark in the sand, they point to the 200-day moving average that is expected to prove firm resistance, adding that the 200-day moving currently sticks with $7,885. By the way, a moving average turns out to be a closely watched momentum gauge.
A collective name for crypto assets other than Bitcoin, altcoins stayed away from others, sticking with Tuesday’s closing levels. The currency pair ETH/USD, which appears to be the number two altcoin, seems to be braced for regaining $300 for the first time since August 20, soaring by 0.5% ending up with $295.43. Eventually, it has been rather a hard month for Ether holders, notwithstanding the resurgence to start the trading week. As a matter of fact, since the beginning of August Ethereum has edged down by approximately 35%.
In addition to this, the currency pair BCH/USD slumped by about 0.8% hitting $562.90. The currency pair LTC/USD dipped by 0.3% being worth $62.64. The currency pair XRP/USD hit 35 cents, declining by 0.6%.
Having concluded over 5% up on Tuesday, futures are set for rather a quiet start on Wednesday. For instance, September delivery Cboe contract XBTU8 lost 0.2% reaching $7,105. Meanwhile, August delivery CME contract BTCQ8 stood still sticking with $7,080.
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Canadian GDP: the end of loonie’s consolidation?
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
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CAD is in focus
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!
Start the week with fresh analytics!
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
Uncertainty underpinned USD
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
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