Trading plan for May 9

The greenback’s rally is continuing. The US dollar has renewed highs of the end of 2017. It is trading near 93. As a result, depreciation of other currencies against the USD increased. Tomorrow traders will pay attention to US producer inflation and core producer inflation data. The forecast is weaker than the previous data, however, if the actual one is greater than the forecast, the US dollar will continue its movement up. If the data appears to be as expected, there is a risk of a correction to the downside.

The euro is suffering a great fall. As on Monday, the European economic data appeared to be much weaker than expected, EUR/USD plunged below 1.19. The single currency fell so low for the first time this year. The pair has already broken the support at 1.1860 and moved further. No significant data is anticipated for the euro on Wednesday. So if EUR/USD closes below the support, the next one will lie at 1.1770. If the US dollar even slightly weakens on Wednesday, the euro will have chances to return to 1.19.

On Tuesday, oil benchmarks WTI and Brent are losing their highs. As a result, the Canadian dollar dramatically fell against the USD. No important data for the loonie were released on Tuesday. However, on Wednesday, traders will pay attention to building permits. If the data is greater than the previous one, the Canadian dollar will be able to recover. Up to date, USD/CAD pair broke the resistance at 1.2945. If the pair closes above 1.2945 and Wednesday’s economic data is not positive, the USD/CAD will break the next resistance at 1.30. If the oil is able to gain new highs and the USD’s rise slows down, the loonie will have chances to pull the pair to the support at 1.2860.

Thank you for your attention!


Latest news

Deposit with your local payment systems


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera