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U.S. Dollar/Canadian Dollar (^USDCAD)

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U.S. Dollar/Canadian Dollar Futures Market News and Commentary

Dollar Gains on Risk Aversion and Weak Stocks

The dollar index (DXY00) on Friday rose by +0.20%.  The dollar climbed Friday after a global IT outage prompted risk aversion in asset markets and sparked some safe-haven buying of the dollar. Also, higher T-note yields Friday were bullish for the dollar.  Gains in the dollar accelerated Friday after the S&P 500 dropped to a 2-1/2 week low, which sparked some liquidity demand for the dollar. 

The markets are discounting the chances for a -25 bp rate cut at 5% for the July 30-31 FOMC meeting and 99% for the following meeting on Sep 17-18.

EUR/USD (^EURUSD) on Friday fell by -0.16%.  The euro on Friday posted moderate losses due to a stronger dollar.  Also, an easing of Eurozone price pressures was dovish for ECB policy and bearish for the euro after the German producer prices in June contracted year-over-year for the twelfth consecutive month.  In addition, dovish comments from ECB Governing Council member Simkus weighed on the euro.

The German June PPI fell -1.6% y... Read more

Commitment of Traders Positions as of Jul 16, 2024

View Chart Details
Commercials - Long / Short
81,448 (-3,412)
219,027 (+20,859)
Non-Commercials - Long / Short
157,207 (+25,732)
24,734 (+4,471)
Dealers / Intermediary - Long / Short
3,040 (-6,269)
178,474 (+20,887)
Asset / Manager - Long / Short
139,336 (+23,332)
28,600 (-1,034)
Leveraged Funds - Long / Short
87,584 (+10,492)
15,994 (+5,827)
Other Reportables - Long / Short
2,101 (-5,279)
14,099 (-394)

Price Performance

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Period Period Low Period High Performance
1-Month
1.35893 +1.14%
on 07/11/24
1.37554 -0.08%
on 07/02/24
+0.00514 (+0.38%)
since 06/21/24
3-Month
1.35893 +1.14%
on 07/11/24
1.37916 -0.34%
on 06/11/24
+0.00439 (+0.32%)
since 04/22/24
52-Week
1.31472 +4.54%
on 07/25/23
1.38990 -1.11%
on 11/01/23
+0.05216 (+3.94%)
since 07/21/23

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^USDCHF : 0.88761 (-0.15%)
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$DXY : 104.27 (-0.09%)
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Elliott Wave Favors Further Upside in GBPUSD

(GBPUSD) broke above the previous peak on 6.12.2024 which opens up a bullish sequence from 4.22.2024 low. Rally from there is unfolding as a 5 waves impulse Elliott Wave structure where wave 1 ended at...

^GBPUSD : 1.29340 (+0.16%)
USDSGD Elliott Wave Analysis expects extensive decline

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^USDSGD : 1.3449 (-0.03%)
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Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Buy with a Strongest short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 1.37959
2nd Resistance Point 1.37718
1st Resistance Point 1.37499
Last Price 1.37435
1st Support Level 1.37039
2nd Support Level 1.36798
3rd Support Level 1.36579

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52-Week High 1.38990
Last Price 1.37435
Fibonacci 61.8% 1.36118
Fibonacci 50% 1.35231
Fibonacci 38.2% 1.34344
52-Week Low 1.31472

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