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Friday, March 26, 2021

USD/CAD getting tactical around support...

USD/CAD getting tactical around support...

Usd/Cad has retreated through 1.2600 ahead of Canadian budget balances and Eur/Usd has pared declines from the low 1.1760 area. For the dollar, the pre-weekend position paring and general consolidation may be contributing to the Greenback’s loss of momentum, but a marked improvement in risk sentiment and the latest recovery in crude prices are also dampening demand for the Dollar that has enjoyed 3 successive winning sessions vs most if not quite all rivals. The DXY closed above a key technical level on Thursday in the form of the 200 DMA that stands around 92.600 today, but could not quite reach 93.000 and chart proponents may have been somewhat disappointed or simply persuaded to take some profit and trim longs. However, the index and Buck remain firm overall ahead of US data including PCE inflation and final Michigan sentiment, with the former meandering between 92.836-684.

from Trading Ideas
via gqrds

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