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BoC rate decision is the highlight on Wednesday
See detailed previews
EURUSD 1h
Strategy that I posted yesterday worked more than well today.
Pair came exactly to the Support line at 1.10340
Resistances : 1.10450, 1.10600 & 1.10800
If Support is taken out, we can expect 1.09850 to be seen.
USDCAD 4 HOUR CHART – PRE-BOC JITTERS
As posted in our FX Weekly Chart Outlook
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‘Look for the focus to be on the BoC meeting on Wednesday where a rate cut is widely expected.In the meantime, 1.35 is one of those pivotal levels that would need to be solidly renewed along with a break of 1.3515 to suggest the bottom is in for now.
Given the absence of nearby resistance after the straight line move down, use our FIBO calculator for retracements to find levels of potential resistance beyond 1.35..
US ISM MANUFACTURING CHART
(Click on any item in our Economic Calendar to see a chart for that item)
USDX DAILY CHART – SOME WAYS TO GO
Looking at a USDX chart shows it would have a ways to go before testing key resistance levels (103.20-55)
Using the index as a EURUSD proxy (57.6% of the index), you can see how its bounce coincided with the EURUSD retreat.
Scroll down this page to see key EURUSD levels.
For today, one focus is on how markets react to the US ISM data,
USDJPY 4 HOUR CHART – TYPICAL FALSE START?
As I noted in the Weekly FX Chart Outlook
Note the start of a new quarter and post-summer often sees false starts and whipsaws until market settle on a theme and recover full liquidity.
Well, there was one already in USDJPY after it failed to reach 147.34 (high 14t.20) as has since back off.
Catalyst: Weaker equities (risk off)
This ;leaves 145 as the ultimate bias setter in a market that will keep an eye as to whether this correlation continues.
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