10 June 2021 Afternoon Session Analysis
USDCAD was traded flat, eyed on inflation data.
The Canada Dollar was traded flat following Bank of Canada hold its current level of policy rate until inflation objective is sustainably achieved, as investors continue to scrutinize the latest updates with regards of crucial economic data in order to gauge the economic progression in Canada. According to Bank of Canada, the Monetary Policy Committee claimed that the Canada Central Bank had held its target for the overnight rate at effective lower bound of 0.25%, with the Bank rate at 0.5% and deposit rate at 0.25%. Besides, the bank also maintained its aggressive quantitative easing (QE) program, which continues at a target pace of $3 billion per week. Nonetheless, the MPC still remained positive toward the future economic growth, with Covid-19 cases falling in many countries and vaccine coverage rising. Commodity prices have also increased further, notably oil, and the Canada Dollar has seen a further appreciation. Besides, the MPC also reiterated that the economic development has been broadly in line with forecast. As of writing, USDCAD depreciated by 0.05% to 1.2115.
In the commodities market, the crude oil depreciated by 0.42% to $69.45 per barrel as of writing amid technical correction following its reaching recent high. Nonetheless, investors would continue to remain their focus on Covid-19 development to receive trading signal for this black-commodity. On the other hand, the gold price was traded flat at $1887.35 per troy ounce as of writing amid investors are still awaiting crucial inflation data from United States.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
20:30 EUR ECB Press Conference
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 19:45 | EUR – ECB Interest Rate Decision (Jun) | 0.00% | 0.00 | – |
| 20:30 | USD – Core CPI (MoM) (May) | 0.9% | 0.4% | – |
| 20:30 | USD – Initial Jobless Claims | 385K | 371K | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index remain traded in a sideway channel while currently testing near the resistance level 90.15. However, MACD which illustrate bullish bias signal with the formation golden cross suggest the dollar to be traded higher after it breaks above the resistance level.
Resistance level: 90.15. 90.50
Support level: 89.70, 89.35
GBPUSD, H4: GBPUSD remain traded in a sideway channel while currently testing near the support level 1.4100. However, MACD which illustrate bearish momentum signal suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.4195, 1.4275
Support level: 1.4100, 1.4020
EURUSD, H4: EURUSD remain traded in a sideway channel while currently testing near the support level 1.2160. However, MACD which illustrate diminishing bullish momentum signal with the starting formation of death cross suggest the pair to be traded lower after it breaks below the support level.
Resistance level: 1.2240, 1.2335
Support level: 1.2160, 1.2070
USDJPY, H4: USDJPY remain traded in a sideway channel following recent rebound from the support level 109.30. However, MACD which illustrate bullish momentum signal with the formation of golden cross suggest the pair to be traded higher towards the resistance level 109.75.
Resistance level: 109.75, 110.30
Support level: 109.30, 108.95
AUDUSD, H4: AUDUSD remain traded in a sideway channel following recent retracement from the resistance level 0.7765. However, MACD which illustrate bearish momentum signal with the formation of death cross suggest the pair to extend its losses towards the support level 0.7695.
Resistance level: 0.7765, 0.7805
Support level: 0.7695, 0.7650
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the resistance level at 0.7225. MACD which illustrate bearish momentum signal suggest the pair to extend its losses toward support level at 0.7140.
Resistance level: 0.7225, 0.7310
Support level: 0.7140, 0.7065
USDCAD, H4: USDCAD remain traded in a sideway channel while currently testing near the resistance level 1.2125. However, MACD which illustrate bullish momentum signal suggest the pair to extend its gains after it breaks above the resistance level.
Resistance level: 1.2125, 1.2175
Support level: 1.2035, 1.1970
USDCHF, H4: USDCHF was traded lower while currently testing near the support level 0.8935. However, MACD which illustrate diminishing bearish momentum signal suggest the pair to be traded higher as a technical correction towards the resistance level 0.8985.
Resistance level: 0.9095, 0.9175
Support level: 0.8935, 0.8890
CrudeOIL, H4: Crude oil price was traded lower following prior retracement from the resistance level 70.10. MACD which illustrate bearish momentum signal with the formation of death cross suggest the commodity to extend its retracement towards the support level 68.30.
Resistance level: 70.10, 7230
Support level: 68.30, 66.55
GOLD_, H4: Gold price remain traded in a sideway channel while currently testing the support level 1885.35. However, MACD which illustrate bearish bias signal with the formation of death cross suggest the commodity to be traded lower after it breaks below the support level 1885.35.
Resistance level: 1913.75, 1937.35
Support level: 1885.35, 1856.05.