Asia opened with Friday’s news that Stephen Bannon, another top White House official, got canned/resigned. They didn’t seem to care.
Traders didn’t care about a report that a US Navy destroyer collided with an oil tanker in the Strait of Malacca. And they didn’t care that about the start of South Korea/US war games, either.
USDJPY traded at 108.41 in Asia and edged down to 108.90 in Europe in a subdued session.
AUDUSD and NZDUSD traded quietly in narrow ranges.
FX trading action didn’t improve in Europe, either. EURUSD traded quietly in a 1.1732-64 range. Traders are a little wary of ECB President Mario Draghi’s speech at the Jackson Hole symposium, which begins Thursday. Some are concerned that he may reveal the ECB’s plans to taper quantitative easing.
Sterling bounced in a 1.2852-80 range. News that the Rightmove UK house price index fell 0.9% in August wasn’t much of a factor. Brexit uncertainties are capping GBPUSD topside move.
Oil prices rocketed higher on Friday, rising from $46.80 to $48.70 and nearly erased the entire week’s losses. There wasn’t a specific reason for the move, but profit-taking and a decline in the Baker-Hughs rig count contributed to the rally. Prices only inched down marginally overnight
USDCAD managed to keep a large part of Friday’s Canadian CPI fueled gains overnight. It opened at the low in Asia and gradually inched higher
Today’s FX market action won’t be a whole lot different from the overnight session. There isn’t any data of note from US and Canada only releases June Wholesale Sales. That leaves FX traders to look to Wall Street for direction. They probably won’t find there either judging by the performance of global equity indices, which were mixed. Today’s focus will be on the Total Solar Eclipse
Source: CBC news
|21-Aug-17||Open-6 am EDT||High||Low|
USDCAD Technical outlook:
The intraday technicals are bearish while prices are below 1.2630, looking for a break below 1.2550-60 area to extend losses to 1.2415. A move above 1.2630 will target 1.2750.. For today, USDCAD support is at 1.2550 and 1.2510. Resistance is 1.2630 and 1.2690.
Today’s Range 1.2550-1.2630
Author: Agility Forex
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