In terms of prompting market volatility, Fed Chair Jerome Powell didn't disappoint. Stocks suffered steep selloff after his Jackson Speech. While Australian Dollar was still at top of the chart, most of its earlier gains evaded on Friday, and looks set to weaken further in the near term. Dollar was the second strongest. But it has yet risen through the highs set earlier in the week. The greenback is staying bullish, but more fuel is needed for the rally.

Meanwhile, European majors were the clear losers for the week. Energy crunch, persistently high inflation, and recessions risks are clouding the outlook of Europe. Swiss Franc is having a slight upper hand over Euro and Sterling but recent declines in EUR/CHF and GBP/CHF look a bit exhausted. Yen ended mixed with countering forces of resilient treasury yields and risk off sentiment.

Some volatility was seen in USD/CAD last week but outlook is unchanged. Corrective decline from 1.3222 could have completed with three waves down to 1.2726. Initial bias remains neutral this week first and further rise is in favor. On the upside, break of 1.3062 will resume the rally from 1.2726 to retest 1.3222 high next. However, break of 1.2893 minor support will dampen this view and turn bias back to the downside for 1.2726 and possibly below.

EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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