HomeForex MarketDay by day Foreign exchange Information and Watchlist: USD/CAD

Day by day Foreign exchange Information and Watchlist: USD/CAD

USD/CAD is testing a key resistance zone forward of the FOMC assembly minutes!

Will we see an upside breakout at this time?

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out AUD/JPY’s potential break-and-retest play after the RBA’s fee hike. You’ll want to take a look at if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Information:

U.S. manufacturing unit orders up by 1.6% vs. 0.5% anticipated, 0.7% acquire in April

BOE Gov. Bailey: UK banks ‘robust’ in face of weak outlook

British Cupboard ministers Sajid Javid (Well being Secretary), Rishi Sunak (Chancellor of the Exchequer) resign amid Chris Pincher scandal

Russian court docket orders Caspian Pipeline Consortium to droop operations

BOJ survey: ratio of Japan households anticipating worth rises hits 14-yr excessive

Shanghai proclaims two new rounds of mass COVID testing

Crypto lender Voyager information for chapter

Germany’s manufacturing unit orders up by 0.1% in Could vs. -0.5% anticipated, -1.8% in April

Greenback reigns as buyers worry recession ache

Eurozone retail gross sales at 9:00 am GMT
U.S. JOLTS job openings at 2:00 pm GMT
U.S. ISM providers PMI at 2:00 pm GMT
FOMC assembly minutes at 6:00 pm GMT
AU AIG providers index at 10:30 pm GMT
AU commerce steadiness at 1:30 am GMT (Jul 7)

Use our new Forex Warmth Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: USD/CAD

USD/CAD 1-hour Foreign exchange Chart

USD/CAD is hanging across the 1.3025 – 1.3075 space that has held as resistance at the least thrice since mid-Could.

Will the pair break above its resistance zone at this time?

I’m seeing a bunch of potential movers together with the FOMC assembly minutes at 6:00 pm GMT. Keep in mind that Fed members just lately raised rates of interest by a bigger-than-expected 75 foundation factors in June to struggle Uncle Sam’s excessive inflation.

If we see overwhelming assist for the Fed’s aggressive tightening schedule, then USD can see elevated demand towards its main counterparts.

USD/CAD, which already jumped greater on a decline in crude oil costs, can bust above its 1.3075 highs and revisit ranges not seen since November 2020.

If at this time’s FOMC minutes seems to be a non-mover, although, or if crude oil costs get well from their weekly losses, then USD/CAD may get rejected from the resistance zone that we’re watching.

USD/CAD may fall again to 1.2900 or see promoting stress till it dips again to the 1.2950 July assist.

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