Forex Analysis by Fawad Razaqzada covering: EUR/USD, USD/CAD, US Dollar Index Futures, Crude Oil WTI Futures. Read Fawad Razaqzada's latest article on Investing.com
has since been a little stronger against most major currencies and was holding in the positive territory at the time of writing in the mid-morning European session on Wednesday. It will be a busier second half of the week for the greenback with lots of top-tier data releases to come.will be quite volatile thanks to additional risk events concerning the Eurozone and Canada, where both central banks are expected to cut interest rates by 25 basis points each.
So, the USD/CAD is one pair to watch ahead of this week’s key US data releases and Bank of Canada’s policyThe BOC last raised interest rates to the current 5% in July last year. But could it finally start cutting rates again?were surprisingly weak with a month-over-month print of -0.6% compared to a 0.3%r rise expected. Meanwhile, all measures ofThe BOC is expected to loosen its policy to 4.75% at today’s meeting, according to three-quarters of economists in a Reuters poll.
The US dollar will remain in focus as this week is packed with significant data releases. Key US macroeconomic indicators to watch include theJob Openings, which pointed to a softening of the labor market as the number of job openings during April fell to 8.06 million from a downwardly revised 8.36 million the month before.The Fed has indicated it is willing to wait until the summer ends before potentially cutting interest rates.
The key level to watch is at around 1.3600. This level was resistance on multiple occasions, starting in December, then throughout March and early April, before we saw an eventual breakout. The rounded retest of this level from above has held firm on several occasions in mid-May. However, the lack of upside follow-through means that more price action is needed to have a strong directional bias.
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