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US Dollar Maintains Upward Trajectory, CAD Underperforms

FOREX
  • Following yesterday's strong CPI-fuelled rally, the greenback maintained its ascent on Veteran's day Thursday. The dollar index (DXY) broke above 95.00 for the first time since July 2020, rising 0.32% as of writing.
  • The buoyant dollar solidified the EURUSD break of 1.15 and confirming the resumption of the downtrend. Moving average studies remain in bear mode, reinforcing current trend conditions and the focus now turns to 1.1375, a Fibonacci projection.
  • AUD and NZD continued to suffer, both dropping roughly 0.5% and extending their losing streaks to three sessions. AUDUSD extends the current short-term bear cycle where the continued weakness suggests scope for a deeper pullback, opening 0.7261 next, a Fibonacci retracement. A firm support lies just below, at 0.7241, the base of a bull channel drawn from the Aug 20 low.
  • The Canadian dollar was the worst performer on Thursday after breaking back above 1.2500 for the first time since October 8. Despite a firmer commodity complex, the broad dollar strength and continued unwind for CAD since the October central bank statement continue to underpin the price action.
  • After breaking the Oct/Nov highs, USDCAD traded consistently higher to just shy of 1.2600. Resistance has been breached above 1.2562 which is considered technically constructive.
  • A quiet data calendar on Friday with Eurozone Industrial production followed by US Jolts Job openings and UoMichigan Sentiment data to wrap up the week. The US Treasury are also scheduled to release their bi-annual currency report.
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