June Canadian Dollar Futures market news – BrokersEDGE – DAW Trading 4-24-18

Canadian (June)

Session close: Settled at .77905, down 61 ticks

Fundamentals: The Canadian has taken it on the chin just as every other currency has against the U.S Dollar. However, the second half of the session did give positivity to the energy sector and this should be monitored closely when trading the Canadian. Bank of Canada Governor Poloz spoke today and said they will remain cautious on rates, however, inflation is on target. Wholesale Inventories missed today and added pressure to the downside. There is no data out of Canada tomorrow.

Technicals: We have been Bullish in Bias the Canadian for some time, however, along that path we moved up the line in the sand to .7904-.7924. On our last FX Rundown, we said the market settled below here and for that reason we are completely Neutral. The downside has accelerated and is now testing into major three-star support at .7771-.7790; traders should watch this level closely along with energies for any signs of stability.

Bias: Neutral

Resistance: .7904-.7924***, .7968*, .8045-.8047**, .8100**, .8175***, .8544****

Support: .7771.7790***, .7718-.7735**, .7633***

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