Euro Soft in Quiet Market, CAD Awaits Job Data
Action Insight Daily Report 4-8-22

Euro Soft in Quiet Market, CAD Awaits Job Data

Overall, the markets are rather steady so far in the last trading day of the week. Major Asian indexes are treading water. That followed a late rebound in US markets overnight. Euro weakens mildly and remains the worst performer for the week, followed by Yen and Swiss Franc. Dollar is still the strongest one, support by extended rally in US yields. Aussie and Sterling are the next strongest.

Technically, Canadian Dollar would be a focus today with job data featured too. EUR/CAD recovered mildly after dipping to 1.3586. But outlook stays bearish with 1.3977 resistance intact. Break of 1.3586 will resume the larger down trend. When that happens, the question is whether EUR/USD would also break through 1.0805 low, or USD/CAD would be finally rejected by 1.2591 resistance.

In Asia, at the time of writing, Nikkei is up 0.09%. Hong Kong HSI is down -0.47%. China Shanghai SSE is up 0.31%. Singapore Strait Times is down -0.72%. Overnight, DOW rose 0.25%. S&P 500 rose 0.43%. NASDAQ rose 0.06%. 10-year yield rose 0.043 to 2.652.

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

EUR/USD Daily Outlook

Daily Pivots: (S1) 1.0850; (P) 1.0895 (R1) 1.0924; More...

Intraday bias in EUR/USD stays on the downside for retesting 1.0805 low first. Firm break there will resume larger down trend from 1.2248. Next target is 61.8% projection of 1.1494 to 1.0805 from 1.1184 at 1.0758, and then 100% projection at 1.0495. On the upside, above 1.0987 minor resistance will mix up the outlook and bring recovery.

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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
23:50 JPY Current Account (JPY) Feb 0.52T 0.27T 0.19T 0.18T
05:00 JPY Consumer Confidence Index Mar 32.8 35.9 35.3
06:00 JPY Eco Watchers Survey: Current Mar 45 37.7
08:00 EUR Italy Retail Sales M/M Feb 0.20% -0.50%
12:30 CAD Net Change in Employment Mar 77.5K 336.6K
12:30 CAD Unemployment Rate Mar 5.40% 5.50%
14:00 USD Wholesale Inventories Feb F 2.10% 2.10%