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USDCAD paused near 1.3989 for the second time in a week after the recent upside move was reiected near the 20- and 50-perioc SMAs and the 1.4078 barrier. A long-tailed red candlestick in the same region is hinting that sellers may be losing momentum, but buyers need a decisive break above 1.4070-1.4078 to confirm a recovery.
Newsquawk Daily US Opening News – 7th August 2026
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USDJPY DAILY: – BoJ’s dilemma’
Trend: Down
Momentum: Retracing
Little in the way of resistance between 158-160 other than FIBO levels (see below), where the 38,2% level was tested and held at the high so far today.
On the downside, 158 is pivotal (also around the 200 day mva broken on the upside yesterday.
FIBOS for 163.98-155.22 at: :
158.57 = 38.2%
159.50 = 50%
160.53 = 61.8%
BoJ likely lurking but may be satisfied with 155-160.
XAUUSD DAILY –Extends high, faces obstacles
Trend: Up
Momentum: UP
Extending this week’s sharp rally (high 4316) but still faces obstacles above at 4382 and 4393 (100 day mva) to kicking momentum into high gear.
On the downside, yesterday’s pause above the former 4220 breakout level was followed by a strong bounce and suggests this level along with 4200 needs to hold to keep a bid pointed up.
Forex Market SNapshot
Globalo markets, in general, have traded quiet sessions awaiting the release of the US July jobs report.
This includes forex with the dollar not following through on nyesterday’s firmer close. CHF is a moidest outperformer while USDJPY remains above 158.
One exception is GOLD, which has bounced off support to extend this week’s sharp rally above 4300, marginally so far.
Regarding the US jobs report, while there is likely to be typical volatility following its release, a stable employment picture has the Fed’s attention more on the inflation side of its dual mandate.
COMING UP: Data: Chinese Trade Balance (Jul), German Industrial Production (Jun), Trade Balance (Jun), French Trade Balance (Jun), US Jobs Report (Jul), Canadian Jobs Report (Jul), Ivey PMI (Jul), NY Fed SCE (Jul).
Speakers: Fed’s Barkin. Supply: Australia.
Earnings: Allianz, Munich Re. Credit Ratings: S&P on Switzerland.
Newsquawk US Market Wrap: Stocks slide and oil climbs as US/Iran optimism fades
SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar up, Gold flat
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EUR/USD weekly close
The euro is sitting 40 pips below the level that matters, with one session left in the week and the July employment report landing in the middle of it.
Spot is 1.1520. The ceiling is 1.1560. Support is 1.1450. That is a 110-pip box, and everything about where this pair trades into the middle of August is going to be settled inside it on Friday afternoon.
Market Update: Reality check
It is noit clear which is l;eading, US bond yields (up) or crude oil (up) but as noted earlier, the dollar is firmer as the euphoria over the prospects of the Strait reopening fades and is replaced by the reality of a potential deal.
Whatever the cause, US yields are up and weighing on risk
USDJPY 4 HOUR: – BoJ’s dilemma’
Break above 158 (200 day mva) poses a dilemma for the BoJ. If it intervenes and USDJPY does not break 155.00-22, the move will be met with buying. If it stands aside, then it risks a move back towards 160. So let’s see what the BoJ is looking at with no obvious resistance until above 160. In the absence of the BoJ, which still looms as a risk above the market, USDJPY has settled in a 157.21-157.95. FIBOS for 163.98-155.22 at: :
- 158.57 = 38.2%
- 159.50 = 50%
- 160.53 = 61.8%
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