This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
USDCAD Continues to Fall Back
The US dollar may extend its retreat against its neighbor after oil producers agreed to production cuts. OPEC+ announced plans to curb output by more than a fifth or 10 million barrels per day to support prices. The final agreement could further prop up the oil-sensitive Canadian dollar.
The loonie may also find support from the Bank of Canada if it decides to stay optimistic and keep interest rates unchanged this Wednesday. The pair has struggled to find bids around the 20-day moving average. 1.3800 is a key support to maintain the current uptrend.
USDJPY Goes into Sideways Consolidation
The rise of the US dollar has come to a halt after the Federal Reserve unleashed a massive liquidity injection. As the upcoming retail and unemployment data are expected to show a deterioration of the US economy, the aggressive $2.3 trillion package has the merit to highlight the central ba...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.