FXOpen
The currency pairs AUD/USD and USD/CAD, unlike the pairs with the Euro, Yen, and Sterling, continue to demonstrate long-term stability. These pairs have been trading in narrow price corridors for several months. Given the weakening of the dollar in many directions, there is a high likelihood of increased volatility and a breakout from the flat channels in commodity currencies.
USD/CAD
Last week, the USD/CAD pair sharply rebounded from the significant support at 1.3600, forming a bullish "hammer" pattern. Technical analysis of the pair suggests a potential resumption of the upward movement if the buyers manage to consolidate above 1.3700. It is worth noting that the price is testing this level for the second time this week. The inability of dollar bulls to overcome this resistance could push the price back to 1.3600-1.3580.
The upcoming trading sessions will be packed with important events and macroeconomic indicators:
- Today at 15:30 (GMT +3) the Philadelphia Fed Manufacturing Index (USA);
- Today at 15:30 (GMT +3) the initial jobless claims in the USA;
- Tomorrow at 15:30 (GMT +3) the core retail sales index in Canada.
AUD/USD
Following the release of inflation data in the USA, the AUD/USD currency pair managed to move above the significant range of 0.6700-0.6680. Buyers of the Australian Dollars have not yet managed to develop a full-fledged upward trend, but if the 0.6700 level remains as support, the price could continue its upward movement towards 0.6850-0.6800. If the price consolidates below 0.6680, it could return to the range of 0.6630-0.6580.
The volatility of AUD/USD could be influenced by speeches from Federal Reserve representatives in the upcoming trading sessions:
- Today at 20:45 (GMT +3) a speech by the Dallas Federal Reserve President Lorie Logan;
- Tomorrow at 19:45 (GMT +3) a speech by Federal Open Market Committee (FOMC) member Raphael Bostic.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Hang Seng Index Reaches Three-Year High
A month ago, while analysing the uptrend in the Hang Seng index (Hong Kong 50 on FXOpen), we noted that:
→ Positive sentiment was driven by the success of the DeepSeek startup, boosting Chinese tech stocks and mobile operators.
→ Price movements
Netflix (NFLX) Shares Among the Biggest Losers in the US Stock Market
According to market charts:
→ Netflix (NFLX) shares fell by approximately 8.5% during yesterday’s trading session, indicating that bulls failed to sustain the price above the psychological $1,000 per share level.
→ The S&P 500 index (US
Gold Prices Rise Amid Recession Fears
As the XAU/USD chart indicates, gold prices have risen in the early days of March.
Bullish sentiment is being driven by:
→ Investor positioning ahead of key US labour market data – the Non-Farm Employment Change report (due Friday at 16: