What drives the market on July 8?
The market takes breath after the long rally. What opportunities do traders have today?
Daily News: uncertainties for the CAD
- The US dollar index has fallen below 95. The next support is at 94.20. The only economic data today that can support the USD is CB consumer confidence. However, the forecast is weak. If the actual data is greater than the forecast, it will prevent the index from falling to the support. The resistance is at 95 (50-day MA).
- The Canadian dollar stays under pressure despite positive news on the NAFTA deal. The US and Mexico managed to make the new trade agreement. However, it’s not clear still if Canada joins it or parties will work on the separate agreement. Moreover, Mr. Trump added that the simplest thing the US can do with Canada is to impose tariffs on its autos. Not so encouraging, isn’t it?
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).
- Currencies have been appreciating against the USD. However, the Australian dollar is unstable. Up to now, the trading is not extensive. Maybe comments of Mr. Trump on the US-China talks affected the market. Mr. President said that now it’s not the right time to talk toChina. Nothing new as last week parties didn’t make any progress in negotiations. But the market is sensitive. No important Australian economic data will be released today. If the USD is strong, AUD/USD will fall to the support at 0.7315 (the pivot point). If the USD is weaker, the pair will have chances to recover. The resistance is at 0.7372 (50-day MA).
- Bitcoin is recovering. Today the cryptocurrency managed to test above 6,815 (50- and 100-day MAs). The next resistance is at 7,074. If the digital currency doesn’t have enough support, there are risks of the fall to 6.615.
That’s all for today! Follow market news with FBS!
Similar
The US labor market is in focus again
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
How to trade on July 7?
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Latest news
Risk-on is back. Market news and trade ideas on July 9.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
Deposit with your local payment systems
