Yahoo Finance 
USD/CAD Congestion Ahead- AUD/USD Support at Risk on Dismal China PMI
DailyFX.com -
Talking Points:
- USD/CAD Stalls Ahead of 1.2800 Resistance as Canada GDP Beats Market Forecast.
- AUD/USD 0.7580 Support Zone Vulnerable to Slowing China Manufacturing.
- USDOLLAR Pares Gains Despite Jump in Consumer Confidence- ADP, ISM Manufacturing in Focus.
For more updates, sign up for David's e-mail distribution list.
USD/CAD
Chart - Created Using FXCM Marketscope 2.0
USD/CAD fails to test the 1.2800 resistance zone as Canada’s Gross Domestic Product (GDP) report beats market expectations; key support stands around 1.2390 (161.8% retracement) to 1.2420 (161.8% expansion).
May continue to face range-bound prices as the Bank of Canada (BoC) endorses a wait-and-see approach, while the bearish RSI momentum continues to take shape.
After flipping last week, DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-short USD/CAD going into April, with the ratio currently standing at -1.19.
AUD/USD
String of closes above the 0.7570 (50% expansion) to 0.7590 (100% expansion) may continue to produce range-bound prices in AUD/USD; outlook remains mired amid growing speculation for another rate cut at the Reserve Bank of Australia’s (RBA) April 7 policy meeting.
At the same time, a further slowdown in China’s Manufacturing Purchasing Manager Index (PMI) may heighten the bearish sentiment surrounding the Australian dollar.
Break/close below the near-term support zone would expose the next downside target around 0.7490-0.7500 especially as the RSI fails to retain the bullish momentum from earlier this month.
Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!
Read More:
Price & Time: Quarter-end Driving USD Or Something More?
Scalp Webinar: USD Defends Support Slope- Bulls at Risk Ahead of NFP
USDOLLAR(Ticker: USDollar):
Index | Last | High | Low | Daily Change (%) | Daily Range (% of ATR) |
DJ-FXCM Dollar Index | 12058.68 | 12081.33 | 12032.56 | 0.17 | 54.32% |
Chart - Created Using FXCM Marketscope 2.0
Growing evidence that the Dow Jones-FXCM U.S. Dollar index has carved out a higher-low in March as the RSI threatens the bearish formation; may see fresh highs as the ascending channel formation remains in play.
Will keep a close eye on the ADP Employment report & the ISM Manufacturing survey as it may shape market expectations for the highly anticipated Non-Farm Payrolls (NFP) report.
With the USDOLLAR approaching 12,052 (23.6% retracement), a close above 12,082 (61.8% expansion) may spur a more meaningful run at 12,176 (78.6% expansion).
Join DailyFX on Demand for Real-Time SSI Updates!
Release | GMT | Expected | Actual |
ISM Milwaukee (MAR) | 13:00 | 51.50 | 53.25 |
S&P/Case-Shiller 20-City s.a. (MoM) (JAN) | 13:00 | 0.65% | 0.87% |
S&P/Case-Shiller 20-City (YoY) (JAN) | 13:00 | 4.60% | 4.56% |
S&P/Case-Shiller House Price Index (MoM) (JAN) | 13:00 | -- | 0.57% |
S&P/Case-Shiller House Price Index (YoY) (JAN) | 13:00 | -- | 4.47% |
S&P/Case-Shiller House Price Index n.s.a. (JAN) | 13:00 | -- | 166.66 |
Chicago Purchasing Manager Index (MAR) | 13:45 | 51.7 | 46.3 |
Consumer Confidence (MAR) | 14:00 | 96.4 | 101.3 |
Click Here for the DailyFX Calendar
--- Written by David Song, Currency Analyst
To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.
To be added to David's e-mail distribution list, please follow this link.
Trade Alongsidethe DailyFX Team on DailyFX on Demand
Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.
New to FX? Watch this Video
Join us to discuss the outlook for the major currencies on the DailyFXForums
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
