The strongest currency today is the CAD. The CAD has benefited in the North American session by stronger Wholesale Sales data (it seems redundant to say “WholeSALE Sales”). The MoM change was 1.8%. The expectation was for a 0.8% gain.
The strongest and weakest currencies as London/Europe exit for day.
The CAD is strongest against all the major currency pairs. Against the EUR, the pair CAD is up 0.53% on the day.
The 100 hour MA and 50% retracement are being tested. SHould be support (or slow the decline) on the first test.
Looking at the hourly chart of the EURCAD, the price has been trading in a up and down range. Yesterday/Today the price looked to extend above last weeks high, but fell back lower after the weaker PMI data in Europe and then stronger Canada data. The pair is approaching the 100 hour MA and the 50% retracement. Is is worth a buy? I tend to like when the 50% and 100 hour MA converge. The risk is limited.
The weakest currency is the CHF and EUR. The EUR was hurt by weaker PMI data today in the EU and Germany as well. The CHF is following the EUR around but got a recent push lower (EURCHF rallied and USDCHF also moved higher). The USDCHF is looking toward the 100 hour MA (blue line in the chart below) for the third separate time in trading today.
USDCHF is pushing back toward the 100 hour MA for the 3rd look today.
If you calculate the % changes of the major currencies against the USD today, the strong are offset by the weak. The dollar is stronger against the EUR, JPY, CHF and weaker against the GBP, CAD and NZD. Against the AUD it is unchanged. Given the better data out of the US, this is disappointing for the dollar bulls.
