FXOpen
The upcoming trading sessions are packed with key events, potentially triggering heightened volatility in major currency pairs. This morning, the Bank of Japan held its meeting, the Federal Reserve will announce its decision this evening, and tomorrow, the Swiss National Bank and the Bank of England are scheduled to meet. This mix of news could either reinforce current trends or lead to sharp reversals.
USD/CAD
As expected, the USD/CAD pair tested the lower boundary of the medium-term range at 1.4470–1.4260. It has yet to break below, as a rebound from 1.4260 allowed buyers to form a bullish “harami” pattern. If 1.4300 remains a support level, the price could strengthen towards 1.4470–1.4400. However, if sellers push the pair below 1.4300–1.4260, a retest of 1.4160–1.4100 is possible.
Key events that could impact USD/CAD pricing in the upcoming sessions:
- Today at 16:30 (GMT+2): US crude oil inventories
- Today at 16:30 (GMT+2): US Cushing (Oklahoma) oil stockpiles data
- Today at 21:00 (GMT+2): FOMC statement
- Tomorrow at 15:30 (GMT+2): Canada’s Raw Materials Price Index (RMPI)
GBP/USD
Yesterday, GBP/USD buyers managed to test the key resistance level of 1.3000. Technical analysis suggests the pair could strengthen towards 1.3100–1.3070 if 1.2950 remains a strong support level. A breakdown below 1.2950–1.2920 could trigger a downward correction towards 1.2850–1.2780.
Key events that could impact GBP/USD pricing in the upcoming sessions:
- Tomorrow at 10:00 (GMT+2): UK average earnings (including bonuses)
- Tomorrow at 10:00 (GMT+2): UK employment change
- Tomorrow at 15:00 (GMT+2): Bank of England interest rate decision
- Tomorrow at 15:30 (GMT+2): Speech by Bank of England Governor Andrew Bailey
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
Coca-Cola Company (KO) Shares Trade Near All-Time High
Stock market charts indicate that from the start of last week’s trading through to its close:
→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than
BTC/USD Analysis: Bulls on the Offensive
In our previous analysis of Bitcoin’s price (14 April), we:
→ constructed a long-term ascending channel (marked with blue lines);
→ highlighted resistance level R, suggesting that the bulls were seizing the initiative in an attempt to pave the way for
Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem
Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
· Gold price started a