Dollar Staying Firm in Quiet Markets, Canadian Dollar Lower With Oil Price
Action Insight Mid-Day Report 5-2-22

Dollar Staying Firm in Quiet Markets, Canadian Dollar Lower With Oil Price

Dollar remains the firmer one today, in quiet markets, as traders are awaiting Fed's rate hike, and forward guidance later in the week. Yen's trading tone is so far positive, as risk markets lack buyers. Commodity currencies are weak together with Euro and Sterling. Aussie is the relatively steadier one as markets await tomorrow's RBA hike. Canadian Dollar and also turning weak, as dragged down by falling oil price. But Kiwi is still the worst performer.

Technically, Dollar's broad-based rally is making some progress. USD/CAD has taken out 1.2879 temporary top. USD/CHF also takes out 0.9758 temporary top too. Now, focus is on 1.0470 temporary low in EUR/USD and 131.24 temporary top in USD/JPY. Break of these two levels should confirm underlying strength of the greenback.

In Europe, at the time of writing, DAX is down -1.07%. CAC is down -1.84%. Germany 10-year yield is down -0.0021 at 0.942. UK is on bank holiday. Earlier in Asia, Nikkei dropped -0.11%. Japan 10-year JGB yield rose 0.011 to 0.230. Singapore Strait Times rose 0.65%. Hong Kong and China were on holiday.

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

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2765; (P) 1.2813; (R1) 1.2907; More...

USD/CAD's rally from 1.2401 resumes by breaking through 1.2879 temporary top. Intraday bias is back on the upside for 1.3022 fibonacci level next. Decisive break there will carry larger bullish implications. In any case, outlook will stay cautiously bullish as long as 1.2717 support intact, in case of another retreat.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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GMT Ccy Events Actual Forecast Previous Revised
22:30 AUD AiG Performance of Mfg Index Apr 58.5 55.7
00:30 JPY Manufacturing PMI Apr F 53.5 53.4 53.4
05:00 JPY Consumer Confidence Index Apr 33 33.9 32.8
06:00 EUR Germany Retail Sales M/M Mar -0.10% 0.30% 0.30%
07:00 CHF SECO Consumer Climate Q2 -27 -15 -4
07:30 CHF Manufacturing PMI Apr 62.5 60.2 64
07:45 EUR Italy Manufacturing PMI Apr 54.5 55.1 55.8
07:50 EUR France Manufacturing PMI Apr F 55.7 55.4 55.4
07:55 EUR Germany Manufacturing PMI Apr F 54.6 54.1 54.1
08:00 EUR Eurozone Manufacturing PMI Apr F 55.5 55.3 55.3
09:00 EUR Eurozone Economic Sentiment Indicator Apr 105 108 108.5 106.7
09:00 EUR Eurozone Services Sentiment Apr 13.5 14.2 14.4 13.6
09:00 EUR Eurozone Industrial Confidence Apr 7.9 9.5 10.4 9.0
09:00 EUR Eurozone Consumer Confidence Apr F -22.0 -16.9 -16.9 -21.6
13:30 CAD Manufacturing PMI Apr 57.9 58.9
13:45 USD Manufacturing PMI Apr F 59.7 59.7
14:00 USD ISM Manufacturing PMI Apr 57.5 57.1
14:00 USD ISM Manufacturing Prices Paid Apr 88.2 87.1
14:00 USD ISM Manufacturing Employment Index Apr 56.3
14:00 USD Construction Spending M/M Mar 0.80% 0.50%