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Mid-Day Report: Commodity Currencies Soar on Risk AppetiteCommodity currencies are all strong today as boosted by recovery in global risk appetite on optimism that Greece would avoid an immediate default. Data from Canada maintains a firm tone in the loonie. Canadian GDP avoided a contraction in May and was flat m/m. Crude oil is staying firm around 95 level for the moment and helps support the loonie, which will likely extend the CPI triggered rally against dollar in near term. This week's data fuel speculation that while BoC would likely be on hold in Q3, it may restart tightening in Q4. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9650; (P) 0.9737; (R1) 0.9785; More. USD/CAD's decline is still in progress and reaches as low as 0.9653 so far in early US session. Intraday bias remains on the downside with 0.9714 minor resistance intact. As noted before, , rebound from 0.9444 low should have completed at 0.9912 already. Further decline is now expected to retest 0.9444 low next. On the upside, above 0.9714 minor resistance will turn bias neutral and bring consolidations. But recovery should bel limited below 0.9912 resistance and bring fall resumption. |
| Economic Indicators Update |
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Trade Idea Update: EUR/USD – Buy at 1.4350Despite intra-day marginal rise to 1.4522, as the currency pair has retreated on the back of intra-day selloff in cable, suggesting consolidation below said resistance would take place and pullback to the Kijun-Sen (now at 1.4426) cannot be ruled out, however, downside should be limited to the Ichimoku cloud top (now at 1.4365) and support at 1.4320 should hold, bring another rise later. Trade Idea: AUD/USD – Buy at 1.0605This week’s rally from 1.0390 signals the a-b-c correction from 1.1012 top has ended there and consolidation with upside bias is seen for test of previous resistance at 1.0775 (wave b top), however, a sustained breach above there is needed to add credence to this view and extend gain to 1.1820/30 but break of previous resistance at 1.0889 is needed to signal upmove has resumed. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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