Dollar Paring Gains, Canadian Turning Stronger ahead of GDP
Action Insight Daily Report 4-29-22

Dollar Paring Gains, Canadian Turning Stronger ahead of GDP

Dollar is paring some gains today but remains the strongest one for the week. Canadian Dollar is currently the second best. Euro is trying to recover but remains the second worst, just next to Sterling. Yen is trying to recover against Dollar too, but stays weak against European majors. Aussie and Kiwi are mixed for now but there is prospect of more recovery before the week ends.

Technically, a focus today will be Canadian Dollar's reaction to GDP data. USD/CAD is retreating from 1.2879 but further rise is still in favor as long as 1.2675 support holds. However, break of 1.2675 will bring deeper fall back to 1.2401/2457 support zone, to extend medium term range trading. At the same time, EUR/CAD is probably picking up downside momentum, for next target at 161.8% projection of 1.5096 to 1.4162 from 1.4633 at 1.3122.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2773; (P) 1.2826; (R1) 1.2862; More...

A temporary top is formed at 1.2879, ahead of 1.2899 resistance, with current retreat. Intraday bias in USD/CAD is turned neutral first. Further rise will remain mildly in favor as long as 1.2675 resistance turned support holds. Above 1.2879 should resume rise from 1.2401 towards 1.3022 fibonacci level. Decisive break there will carry larger bullish implications. However, break of 1.2675 will dampen this bullish view and bring deeper fall back to 1.2401 support instead.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
01:30 AUD Private Sector Credit M/M Mar 0.40% 0.60% 0.60%
01:30 AUD PPI Q/Q Q1 1.60% 1.50% 1.30%
01:30 AUD PPI Y/Y Q1 4.90% 4.20% 3.70%
05:30 EUR France Consumer Spending M/M Mar -1.30% -0.10% 0.90%
05:30 EUR France GDP Q/Q Q1 P 0.00% 0.30% 0.70% 0.80%
06:00 EUR Germany Import Price Index M/M Mar 5.70% 3.20% 1.30%
06:30 CHF Real Retail Sales Y/Y Mar -6.60% 13.30% 12.80% 12.50%
07:00 CHF KOF Leading Indicator Apr 101.7 99.3 99.7
08:00 EUR Germany GDP Q/Q Q1 P 0.20% -0.30%
08:00 EUR Italy GDP Q/Q Q1 P -0.20% 0.60%
08:00 EUR Eurozone M3 Money Supply Y/Y Mar 6.20% 6.30%
09:00 EUR Eurozone GDP Q/Q Q1 P 0.30% 0.30%
09:00 EUR Eurozone CPI Y/Y Apr P 7.50% 7.40%
09:00 EUR Eurozone CPI Core Y/Y Apr P 3.10% 2.90%
12:30 CAD GDP M/M Feb 0.80% 0.20%
12:30 USD Personal Income M/M Mar 0.40% 0.50%
12:30 USD Personal Spending Mar 0.60% 0.20%
12:30 USD PCE Price Index M/M Mar 0.60%
12:30 USD PCE Price Index Y/Y Mar 6.40%
12:30 USD Core PCE Price Index M/M Mar 0.30% 0.40%
12:30 USD Core PCE Price Index Y/Y Mar 5.30% 5.40%
12:30 USD Employment Cost Index Q1 1.10% 1.00%
13:45 USD Chicago PMI Apr 61.5 62.9
14:00 USD Michigan Consumer Sentiment Index Apr F 65.7 65.7