FXOpen
In the middle of the current five-day period, the main currency pairs continue to trade in rather narrow ranges. Most likely, investors and market participants are waiting for comments from Jerome Powell on further monetary policy as inflation continues to rise in the United States. The head of the Fed will speak tomorrow at 19:00 GMT+3; his statements on the economic situation in the United States and around the world may enhance or change existing market trends.
USD/CAD
The USD/CAD currency pair has been trading in a narrow corridor of 100 pips between 1.3700 and 1.3600 in recent trading sessions. The rise in oil prices is strengthening the Canadian dollar, while the hawkish Fed policy is keeping the pair close to the extremes of the current year. Technically, a price move below 1.3600 could contribute to a retest of the important 1.3420-1.3400 range. If greenback buyers break the resistance at 1.3780, the price may resume growth in the direction of 1.3900-1.4000.
Today at 15:30 GMT+3, we are waiting for data on the number of building permits issued in the United States for September. Weekly data on crude oil inventories will be published a little later. Also, at 19:00 GMT+3, it is worth paying attention to the speech of Christopher Waller from the Fed.
EUR/USD
The single European currency has not yet managed to strengthen above 1.0600. Buyers are still testing the resistance at the alligator lines on the daily timeframe. If the pair goes above 1.0630, in the coming trading sessions a continuation of the upward correction in the direction of 1.0700-1.0800 may occur. A breakdown of support at 1.0480 could open the way to 1.0400-1.0300.
Today, at 12:00 GMT+3, the eurozone consumer price index for September will be published. ECB Chairman Christine Lagarde is also scheduled to speak at the same time.
GBP/USD
Weak data on average wages in the UK, published yesterday, led to a rebound in GBP/USD from 1.2200. The pair continues to trade between 1.2200 and 1.2130; a narrow flat corridor may indicate an imminent surge in volatility for the pair.
Today at 11:30 GMT+3, data on the house price index in the UK will be published.
Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.
* FXOpen International, Innovative Broker of 2022, according to the IAFT
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.
Latest from Forex Analysis
Latest articles
EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Falls to Its Lowest Level Since Mid-August
EUR/USDThe euro strengthened on Monday as the dollar fell on expectations that the Federal Reserve will not raise rates again. Traders this week will have to weigh data on how the US economy performed in the third quarter, as
NASDAQ Composite Index Heralds a Fine Time for Tech Stocks
In the ever-fluctuating landscape of financial markets, the NASDAQ exchange, home to some of the world's most prominent technology stocks, has been a bastion of volatility over the past two years. This week, the NASDAQ index continues its upward trajectory,
Fibonacci Retracement Strategies
Fibonacci retracements are a cornerstone in the toolkit of many traders, offering a mathematical approach to identifying potential areas where reversals may occur. This article delves into the intricacies of using Fibonacci retracements, covering everything from basic understanding to strategies