Dollar is paring some gains today but remains the strongest one for the week. Canadian Dollar is currently the second best. Euro is trying to recover but remains the second worst, just next to Sterling. Yen is trying to recover against Dollar too, but stays weak against European majors. Aussie and Kiwi are mixed for now but there is prospect of more recovery before the week ends. Technically, a focus today will be Canadian Dollar's reaction to GDP data. USD/CAD is retreating from 1.2879 but further rise is still in favor as long as 1.2675 support holds. However, break of 1.2675 will bring deeper fall back to 1.2401/2457 support zone, to extend medium term range trading. At the same time, EUR/CAD is probably picking up downside momentum, for next target at 161.8% projection of 1.5096 to 1.4162 from 1.4633 at 1.3122. |
