
Jump in to know the key market events and trading ideas for this week!
At the moment, USD/CAD experiences strong tensions between buyers and sellers. The pair is trading above the 100-day MA at 1.3067. If the BOC approves the higher rate, the pair will fall below the Pivot support at 1.3050 to the next support at 1.3011 (50-day MA). Otherwise, the pair will move up to the resistance of the downward channel at 1.3117.
This news supported the Australian dollar. As a result, AUD/USD moved up towards the resistance at 0.7121. However, the strong US dollar pushes the pair back below the support at 0.7083, downwards to the next support at 0.7050.
Jump in to know the key market events and trading ideas for this week!
USD’s rally takes a pause, while riskier assets are modestly rising.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
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