FXOpen
Despite the cooling labour market in the US and declining inflation, the American currency continues to move towards new highs. For instance, the USD/JPY currency pair might update the current month's high at 156.70, the NZD/USD sharply declines after retesting 0.6140, and buyers of the USD/CAD pair have confidently secured a position above 1.3600.
USD/CAD
The corrective pullback in the USD/CAD pair ended just below 1.3600. According to technical analysis, on May 16th, a bullish "piercing line" pattern formed on the daily timeframe for USD/CAD. The completion of this pattern could lead to a retest of the key range 1.3690-1.3660. If the price remains above these levels in the coming weeks, the pair’s rise could resume towards 1.3850-1.3820. A drop below 1.3600 could contribute to a more extensive downward correction towards 1.3530-1.3470. Important indicators that may affect USD/CAD pricing in the coming trading sessions:
- Today at 15:30 (GMT +3:00) - Canada’s Core Consumer Price Index (CPI) for April
- Tomorrow at 17:00 (GMT +3:00) - US Existing Home Sales
NZD/USD
The NZD/USD currency pair, after a sharp rise in early May, retreated from the resistance at 0.6140. Over several daily sessions, a "tower" pattern was formed according to technical analysis of NZD/USD, the completion of which could facilitate the resumption of the downward movement towards 0.6040-0.5980. If the pair’s buyers manage to break above the base of the indicated pattern, the price could rise to 0.6220-0.6200. This five-day period is crucial for NZD/USD pricing:
- Tomorrow at 05:00 (GMT +3:00) - Reserve Bank of New Zealand interest rate decision
- Tomorrow at 21:00 (GMT +3:00) - Publication of FOMC minutes
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
USD/CAD Consolidates
In the second half of April, the USD/CAD chart has shown a decline in volatility following significant spikes observed since February.
The Canadian dollar has stabilised against the US dollar within the 1.390–1.380 range over the
Why Coinbase (COIN) Shares Are Rising
As the Coinbase (COIN) stock chart shows, trading closed yesterday above the $200 mark — for the first time since March.
Since the beginning of April, COIN's share price has risen by nearly 20%, while the S&P 500 index
USD/CHF Rebounds from Multi-Year Low
As the charts show, the USD/CHF exchange rate fell below 0.810 US dollars per franc earlier this week. The pair had not traded this low since the 2008 financial crisis. Demand for the Swiss franc as a safe-haven