CAD Firmer in Subdued Trading, EUR Looks into ECB Forum
Action Insight Daily Report 6-28-22

CAD Firmer in Subdued Trading, EUR Looks into ECB Forum

Canadian Dollar and Swiss Franc continue to be the stronger ones in subdued trading. Euro and Dollar and trailing for now. On the other hand, Aussie and Kiwi are still the underperformer, despite recovery attempt in Asian session. Stock markets are also sluggish while gold and oil are range bound. Focuses will turn to ECB forum today, with attention particularly on Chief Economist Philip Lane's session.

Technically, USD/CAD's breach of 1.2859 minor support now argues that it's at least in a deeper correction to rise from 1.2516. To gauge CAD's strength, eyes will also be on whether EUR/CAD would break through 1.3518 minor support, and head back towards 1.3383/3387 support zone.

In Asia, at the time of writing, Nikkei is up 0.34%. Hong Kong HSI is down -0.33%. China Shanghai SSE is up 0.31%. Singapore Strait Times is down -0.23%. Japan 10-year JGB yield is down -0.0018 at 0.236. Overnight, DOW dropped -0.20%. S&P 500 dropped -0.30%. NASDAQ dropped -0.72%. 10-year yield rose 0.0069 to 3.194.

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

USD/CAD Daily Outlook

Daily Pivots: (S1) 1.2854; (P) 1.2885; (R1) 1.2906; More...

Break of 1.2859 minor support suggest that deeper correction is underway in USD/CAD. Intraday bias is back on the downside for 55 day EMA (now at 1.2789. Sustained break there will target 1.2516 support next. On the upside, break of 1.3077 and sustained trading above 1.3022 fibonacci level will carry larger bullish implications, and bring up trend resumption.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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