
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
Up to now, USD/CAD has been moving down. The pair has broken below 1.2975, The next support is at 1.2920. If the USD is able to recover, the pair will have chances to break above the resistance at 1.2975 and the next one will lie at 1.2990 (100-day MA).
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The US dollar’s weakness offered a boost to emerging-market currencies and oil.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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