USD/CAD pullback over, now bearish anticipation...
The Loonie is now eyeing 1.2600 from nearer big figures below in both cases and the latter also gleaning some encouragement from a recovery of sorts in crude prices. Downside targets are displayed!
From the dollar perspective, the charts will say that the index breached a key Fib retracement level and crossed another semi-psychological barrier at 92.500, but the lack of follow-through buying suggests that bullish technical momentum was already fading, and the Dollar may have over-extended gains or simply rallied too far in short order. Whatever the reason, 92.506 appears to have been a turning point and the DXY is now testing 92.000 to the downside (91.949 low to be precise) amidst a broad Greenback retreat vs major peers, EM currencies and precious metals that were undermined by the post-US jobs data ratchet higher in yields.
From the dollar perspective, the charts will say that the index breached a key Fib retracement level and crossed another semi-psychological barrier at 92.500, but the lack of follow-through buying suggests that bullish technical momentum was already fading, and the Dollar may have over-extended gains or simply rallied too far in short order. Whatever the reason, 92.506 appears to have been a turning point and the DXY is now testing 92.000 to the downside (91.949 low to be precise) amidst a broad Greenback retreat vs major peers, EM currencies and precious metals that were undermined by the post-US jobs data ratchet higher in yields.