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NZD Remains Top Of The Pile, CAD hits 3-year highs

FOREX
  • Broad dollar indices are roughly unchanged from yesterday as ADP Employment Change and ISM Services Index numbers were unable to ignite markets on Wednesday with G10 currencies holding tight ranges.
  • USDCAD reached three-year lows, matching the lowest level reached in January 2018 at 1.2251/2. The break of 1.2365, Mar 18 low confirmed a resumption of the downtrend that has been in place since March 2020. Moving average studies are also in bear mode, reinforcing current trend conditions. Focus is now on the 1.2251 low as well as 1.2239, a Fibonacci projection, with Canadian jobs data on Friday's docket.
  • NZDUSD consolidated overnight gains, above the 50-day MA at 0.7141, following solid employment figures and remains 0.87% higher on the session at 0.7207.
  • This dragged Aussie higher with additional impetus stemming from initially higher oil prices and a firm commodity complex.
  • EURUSD spent the majority of the session either side of 1.20, however maintains a slightly offered tone and resides down 0.15% on the day at 1.1995.
  • Focus now turns to the Bank of England Rate Decision and US Weekly jobless claims on Thursday before Friday's Non-farms Payrolls report.
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