FXOpen
In the final trading sessions of May, leading currencies have been in a downward trend against the dollar. For instance, the pound/dollar pair lost over 100 pips in a single day, euro sellers in the EUR/USD pair are testing 1.0800, and the USD/CAD pair might update its May high around 1.3760.
USD/CAD
The rise in commodity prices and worsening geopolitical situation in the Middle East are contributing to the sharp increase of the USD/CAD pair. According to the technical analysis of USD/CAD, a bullish “piercing line” pattern was formed on the daily timeframe on 28 May. The confirmation of this pattern could lead to continued growth of the pair towards the May high of this year at 1.3760. If the price consolidates above this level, a test of the important range 1.3840-1.3790 is possible. A break below 1.3610 would invalidate the bullish scenario.
The following news could impact the pricing of USD/CAD:
- Today at 15:30 (GMT +3:00) US GDP for the first quarter
- Today at 18:00 (GMT +3:00) Crude Oil Inventories from the Energy Information Administration (EIA)
- Tomorrow at 15:30 (GMT +3:00) US Core PCE Price Index for April
GBP/USD
At the start of the week, the GBP/USD pair managed to test the important resistance level of 1.2800. A sharp rebound from this level led to the formation of a bearish “shooting star” pattern on the daily timeframe. Technical analysis of GBP/USD indicates a possible downward movement if the price confidently consolidates below 1.2670. If this pattern is invalidated, the pair might resume its rise towards the March high of this year at 1.2890.
Key events for price movement:
- Today at 21:50 (GMT +3:00) speech by Bank of England Governor Bailey
- Tomorrow at 11:30 (GMT +3:00) publication of the Bank of England Consumer Credit data for April
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
Weekly Market Wrap With Gary Thomson: S&P 500, USD/CAD, Gold Price, TSLA Stock
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- S&P 500:
FTSE 100 Index Behaves Bullishly Amid Elections
On Friday, the FTSE 100 index rose by 0.4% to 8273 points, continuing its 0.9% rise on Thursday. According to Trading Economics, the centre-left Labour Party, as expected, won the parliamentary elections and secured a majority, ousting the
GOOG Stock Sets Historic Record
As the chart shows, the GOOG stock price yesterday surpassed the June 27th high and set a historic record at $185.88.
What contributed to this?
→ Overall bullish sentiment in the US stock market. Incidentally, the S&P 500