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- A second wave of positive sentiment across global markets lent further support to commodity-tied currencies such as the Australian dollar and the Canadian dollar.
- AUD led G10 gains with AUDUSD distancing itself further from the November 2020 lows around 0.6990. As well as bolstered sentiment and yesterday’s PBOC easing, some analysts have interpreted the latest RBA statement through a hawkish lens which may have extended the Aussie’s bounce.
- AUDUSD is up 0.92%, trading at 0.7115 as of writing. Clearance of last Friday’s high at 0.7099 suggests there may be scope for a stronger correction, opening 0.7194, the 20-day EMA.
- Similarly, USDCAD (-0.85%) has breached short-term support at 1.2714, suggesting a deeper sell-off towards the 50-day EMA at 1.2597 could be on the cards.
- The Norwegian krone has also extended on Monday’s gains amid the sharp bounce back in crude futures despite the announcement that the government will re-introduce additional measures to limit the spread of COVID-19.
- Despite AUD and CAD gains against the greenback, the dollar index still traded in marginally positive territory. Largely down to a soft Euro, euro crosses made some impressive moves to the downside that saw EURAUD and EURCAD fall over 1%.
- EURUSD itself made a push towards recent lows following a break of 1.1267. The broader trend remains bearish and key short-term resistance has been defined at 1.1383, Nov 30 high. Moving average studies remain in bear mode and the bear trigger resides at 1.1186/85.
- Tomorrow’s main event risk will be the Bank of Canada decision/statement. Elsewhere there may be comments from RBA’s Lowe as well as JOLTS data from the U.S.