12-27-2019, 09:28 AM
Technical Overview of EUR/USD and USD/CAD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1096.
• EUR/USD is gaining ground on broad-based dollar selling.
• The pair is closing on a crucial trendline hurdle at 1.1140.
• With gold rising amid trade optimism, a breakout looks likely.
The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.
As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.
According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.
USD CAD
USD traded lower against CAD and closed at 1.3121.
• USD/CAD on track for a test below 1.31 the figure on firm commodity complex.
• Phase-one trade deal between the US and China is in the making, supporting commodity currencies.
Funds is under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.
The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.
According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.
Important Economic Events of the Day
• JPY: Retail Sales m/m
• USD: EIA Crude Oil Stocks Change
• USD: Baker Hughes US Oil Rig Count
• GBP: Nationwide HPI m/m
More information about the release time of news and its impact visit Economic Calendar Page!
EUR USD
EUR traded higher against USD and closed at 1.1096.
• EUR/USD is gaining ground on broad-based dollar selling.
• The pair is closing on a crucial trendline hurdle at 1.1140.
• With gold rising amid trade optimism, a breakout looks likely.
The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.
As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.
According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.
USD CAD
USD traded lower against CAD and closed at 1.3121.
• USD/CAD on track for a test below 1.31 the figure on firm commodity complex.
• Phase-one trade deal between the US and China is in the making, supporting commodity currencies.
Funds is under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.
The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.
According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.
Important Economic Events of the Day
• JPY: Retail Sales m/m
• USD: EIA Crude Oil Stocks Change
• USD: Baker Hughes US Oil Rig Count
• GBP: Nationwide HPI m/m
More information about the release time of news and its impact visit Economic Calendar Page!