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Daily Report

Focus on Canadian Dollar29 August 2018 by Dave Evans

Morning Report: 07.00 London

The dollar index is higher this morning, but the Greenback remains near 14-week lows.

After the conclusion of Mexico negotiations, attention now turns to Canada, with the Canadian dollar making gains this morning on the back of a four-day run. The EUR/CAD is reversing recent gains, while the GBP/CAD is testing support around 1.6600.

After days of gains, the AUD/USD is once again heading back towards the lows. The AUD/JPY is following the same path.

The euro is behind the pace this morning on reports that a hard Brexit will punish the EU as well as the pound with Central banks ready to act. The EUR/CHF is on the back foot, with the EUR/GBP pulling back for the first time in five sessions. The EUR/USD is also pausing its recent mini run around 1.1700. The EUR/JPY is also pausing mid August rally, failing in its test of 130.00.

The pound is no bed of roses, with both the GBP/USD and GBP/JPY on the back foot.

Overall, yen pairs are mixed with the USD/JPY unchanged so far today.

Coming up today

Today we have Canadian current account and USD prelim GDP at 13.30.

US crude oil inventories are at 15.30.

Trade Idea

The Canadian dollar is advancing, with the USD/CAD dropping heavily in recent days. Its worth betting on this trend continuing though, with further downside on the cards.

August 29th, 2018: Focus on Canadian Dollar

A good way to play this is a ONE TOUCH trade predicting that the USD/CAD will TOUCH 1.2750 within 14 days for a potential return of 125%.

August 29th, 2018: Focus on Canadian Dollar