Key PointsThe US Dollar moved towards 1.3650 against the Canadian Dollar before finding resistance. The USDCAD pair moved down, and broke a bullish trend line at 1.3557 on the hourly chart. Recently in Canada, the Retail Sales for Feb 2017 (MoM) was released by the Statistics Canada. The outcome was below the forecast, as there was a decline of 0.6% in sales in Feb 2017. USDCAD Technical Analysis
The US Dollar moved nicely and traded towards 1.3650 against the Canadian Dollar. The USDCAD pair traded as high as 1.3647 where it faced offers, and started a downside move.
The pair traded lower, and broke the 23.6% Fib retracement level of the last wave from the 1.3411 [...]
Key PointsThe US Dollar after nosediving towards the 108.20 level against the Japanese Yen found support. There USDJPY pair is currently recovering, but facing a major bearish trend line at 109.10 on the hourly chart. Earlier today in Japan, the Merchandise Trade Balance Total for March 2017 was released by the Ministry of Finance. The outcome was better than the forecast, as there was a trade surplus of ¥614.7B, more than the forecast of ¥575.8B. USDJPY Technical Analysis
The US Dollar was under a lot of pressure against the Japanese Yen this past week, as it traded below the 108.50 support for a new weekly low of 108.17. Later, the USDJPY pair gained bids around 108.20, [...]
Key PointsThe New Zealand Dollar surged higher recently and broke a major resistance near 0.6980. The NZDUSD pair also broke a bearish trend line with resistance at 0.6950 on the hourly chart. Today in New Zealand, the Business NZ PMI for April 2017 was released by the Business NZ. The outcome was above the forecast, as there was a rise from the last revised reading of 55.7 to 57.8. NZDUSD Technical Analysis
The New Zealand Dollar made a nice upside move after trading as low as 0.6909 against the US Dollar. During the upside move, the NZDUSD pair broke the 21 hourly simple moving average and a bearish trend line with resistance at 0.6950 on the hourly chart.