Trading plan for April 23

Monday is a good day to brace yourself and trade! We gathered pairs that will show the most interesting movement at the start of the week.

The euro area will release flash manufacturing and services PMIs for April. This is the most recent data for the European economy, so it will be important for the euro. The single currency will be awaiting the meeting of the European Central Bank that will take place on Thursday. Later in the day, US existing home sales may affect the market. After the recent selloff, the euro may lose grounds and move to the support at 1.2235 and at 1.2210. If the pair attempts to recover, the resistance will lie at 1.2315.

The British pound was hit by comments of the Bank of England’s Governor Mark Carney. Traders no longer think that the central bank will raise rates in May. Below 1.40 the pair will be vulnerable for a decline to 1.3950, 1.39.

Canadian data disappointed on Friday and oil came under pressure as well. As a result, Canadian dollar depreciated and may have further troubles. It means that the USD/CAD pair may continue a correction up. A potential target is at 1.28.

Thank you for your attention!


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