USD/CAD drop today defended by the 100-hour moving average again
The pair is keeping lower after the drop yesterday saw price action break back below its 200-hour MA (blue line). Sellers defended that level in early trades today before moving on to retest the 100-hour MA (red line) around 1.3225 earlier.
Buyers and sellers back in battle.
The USDCAD based near its 100 hour MA on Friday (dipped below it after the jobs report), and quickly reversed higher. The run to the upside moved above a swing area at 1.3369 – 1.33766 on its way to a high just below the 1.3400 level (the high reached 1.33981).
GBP, CAD, AUD all make new highs vs the greenback
The dollar are moved lower across the board over the last few minutes. The greenback is trading to new session lows verse the GBP, CAD and AUD. It has moved to NY session lows vs the other major pairs.
Pair has traded above and below unchanged today in an up down and up session
The GBPUSD as seen the price move higher than lower and now back higher again. In the process the price has traded above and below its closing level from Friday at 1.3050. The price currently trades at 1.3065.
Moves toward a cluster of swing levels on the downside
On Friday, the EURUSD fell below its 200 hour moving average and stay below that level. Recall from earlier in the week on Monday and Tuesday there were breaks below the moving average but those two breaks failed. Friday was different, and the price close below the moving average level (closing level was 1.1785).
The new week is off and running
As the week gets underway, the USD is the strongest and the CHF is the weakest. The CAD is fighting the USD for the strongest of the majors. Pres. Trump signed 4 executive orders to front run the legislative process including $400 in emergency unemployment benefits including the first $100 from the states. Stocks are higher. Precious metals are mixed. Oil is higher after Aramco gave an upbeat assessment of demand. Yields are lower.
London/European traders exit
The USD is stronger but off the highs as London/European traders exit for the weekend. The greenback is the highest vs. the NZD (up 1.21%). It is the least high vs the JPY (up 0.31%). Versus the EUR, it is up 0.81% and is higher versus the GBP by 0.72%.
Dow industrial average is still negative
The S&P and NASDAQ index have turned back positive. The S&P is up 0.03% the 3350.34. The NASDAQ index is up 0.15% at 11124.83. The S&P index has been up for 5 consecutive days. The NASDAQ index has been up for 7 consecutive days.
Runs away from the 100 hour MA
The USDJPY has caught the dollar buying fever and trades at its highest level since Tuesday. That is not saying much as the pair has been in a narrow range of 105.293 to 105.866 since Tuesday afternoon. That is not a lot of price action.
Breaking/test the lower swing area ag 0.6613-195
The NZDUSD moved higher earlier in the session and in the process tested a swing area between the 0.6688 to 0.66925. I spoke about this area in a post on the pair yesterday.
Major indices down about -0.20% to -0.35%
A snapshot of the major indices currently shows:
Each of the major indices on winning streaks. The Dow and S&P have risen for 5 consecutive days while the NASDAQ index has risen for 7 consecutive days. The NASDAQ index has been making new all-time highs as its winning streak advances.