The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
USD/CAD has risen by more than 60 pips
The Canadian dollar weakened significantly after the monetary policy decision by the Bank of Canada. Bulls broke the resistance at 1.3144 on H4 and pushed the price above it towards the 100-period SMA and the 1.3174 level. From the downside, the key levels in bears’ focus will be at 1.3077, 1.3067 and 1.3054.
The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.
The overall market sentiment is mixed as investors await the Federal Reserve’s statement today at the evening.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…