Markets Quiet Ahead of Fed, ECB, BoE, SNB, BoJ, and Lots of Data
Action Insight Mid-Day Report 12-13-21

Dollar Mildly Higher as Traders Turn Cautious, CAD Dips

Dollar and Sterling firm up mildly in overall quiet markets today. Commodity currencies are, on the other hand, trading lower. Investors are turning cautious ahead of the wave of central bank meetings later this week, in particular on Fed's decision to faster the tapering pace. Oil prices also dip mildly even though OPEC upgraded demand forecasts and maintained an upbeat tone. Gold is mildly higher together with Silver.

Technically, USD/CAD's break of 1.2742 minor resistance suggests that pull back from 1.2852 has completed and rise from 1.2286 is ready to resume. We'll also pay attention to NZD/USD and break of 0.6735 temporary low will resume the fall from 0.7217, as part of the larger pattern from 0.7463.

In Europe, at the time of writing, FTSE is down -0.18%. DAX is up 0.87%. CAC is up 0.10%. Germany 10-year yield is down -0.0089 at -0.354. Earlier in Asia, Nikkei rose 0.71%. Hong Kong HSI dropped -0.17%. China Shanghai SSE rose 0.40%. Singapore Strait Times dropped -0.50%. Japan 10-year JGB yield dropped -0.0061 to 0.050.

Full Report Here

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2691; (P) 1.2714; (R1) 1.2749; More...

USD/CAD's break of 1.2742 minor resistance suggests that pull back from 1.2852 has completed at 1.2604 already. Rise from 1.2286 might be ready to resume. Intraday bias is turned back to the upside for 1.2852 first. Break will confirm this case and target 1.2947 resistance. On the downside, however, firm break of 1.2604 will argue that rise from 1.2286 has completed. Deeper fall would be seen back to 1.2286 support.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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