Weekly Forex Outlook: December 3-7

Let’s have a look at the economic calendar.

On Tuesday, we anticipate a rate statement from the Reserve Bank of Australia. Although the interest rate won’t change, the comments of the central bank will drive the Australian dollar. The British pound will be affected by a report about the Brexit Withdrawal Agreement from Mr. Carney, the governor of the Bank of England.  

On Wednesday, Fed Chairman Mr. Powell will testify on the economic outlook. Encouraging comments will support the USD. Later that day, the Bank of Canada is anticipated to deliver comments on the monetary policy that will affect the Canadian dollar.

Thursday will bring some important news for the oil market. OPEC and non-OPEC biggest oil producers will meet to discuss the further oil production.

The first Friday of the month, as usual, will bring the release of the Non-Farm Employment Change. Be ready for a high volatility of the USD. Also, don’t forget to check Canadian jobs data.

What about market moves?

The EUR/USD pair keeps trading within the downward channel. The direction of the pair will be determined by the strength of the USD. In the case of the weakness of the USD, the pair will be able to rise. The first important resistance is at 1.1391. A break of this level will boost the pair to 1.1464. If the USD sticks above 97, the pair will suffer. A break of 1.1256 will pull the pair further down.

What about the British pound?

The downward movement of the GBP/USD pair keeps prevailing. As usual, this week, the direction of the pair will depend on the Brexit deal and the strength of the USD. Last week, the pair has been trading sideways. It may be a signal of a slight recovery. A rise above 1.2833 will support a further recovery. However, a fall below 1.2694 will provoke a continuation of the downtrend.

Will the USD/CAD return to the uptrend?

The improved market sentiment supported oil prices and as a result, the Canadian dollar. The pair left the frameworks of the upward channel. If the oil moves further up and the Canadian economic data are positive, the pair may fall further down. The first support is at 1.31. In case of the strong USD, the pair will resume the uptrend. Resistances are at 1.3277 and 1.3368.

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