USD remains under pressure
Gary Christie May 27, 2020 6:36 AM
The USD/CAD fell 194 pips to 1.3791 Monday making it the largest mover of the major pairs on Tuesday.
USD remains under pressure
The US Dollar was bearish against all of its major pairs on Tuesday. On the economic data front, New Home Sales rose to 623K on month in April (480K expected), from a revised 619K in March. The Conference Board's Consumer Confidence Index increased to 86.6 on month in May (87.0 expected), from a revised 85.7 in April.
On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending May 22nd are expected to be released. Finally, the U.S. Federal Reserves is releasing its Beige Book.
The Euro was bearish against most of its major pairs with the exception of the CHF, JPY and USD. In Europe, Germany's GfK Consumer Confidence Index for June was released at -18.9 (vs -18.2 expected).
The Australian dollar was bullish against most of its major pairs with the exception of the NZD.
The USD/CAD fell 194 pips to 1.3791 Monday making it the largest mover of the major pairs. Traders who are bearish may want to consider the 1.3825 level as a stop-loss if you are riding the trend lower. A break above 1.3825 would call for a reaction near the 20-period moving average. For now, let's see if 1.3756 support can hold.
Source: GAIN Capital, TradingView
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.