Reached Bullish Target on USD/CAD
Dollar had a strong day on Wednesday which helped us reach our bullish target of 1.3330 on the USD/CAD pair. The sentiment remains bullish and we could see further upside to follow.
Euro Up on Draghi’s Speech
Euro had an even better day which outperformed the US dollar and helped the EUR/USD pair correct all the downfalls of the beginning of the week. But the question is,was this a mere correction or we could see more drops to follow?
ECB President Mario Draghi said the bank was ready to act but needed more time to determine whether the slowdown in emerging markets was likely to be temporary or permanent and to assess the driving forces behind declining commodities prices and recent turbulence in financial markets.
Draghi’s comments to the European Parliament’s Committee on Economic and Monetary Affairs sent the euro higher against the dollar after the common currency earlier hit its lowest level against the greenback in two and a half weeks at $1.11050.
Coming Up on Economic Calendar
Coming up on the economic calendar, the German Ifo Business Climate is scheduled to be out at 9 AM GMT on Thursday followed by ECB’s Long Term Refinancing Option at 10:15 AM which could shake the euro a bit more. The US Core Durable Goods Orders is scheduled to be out at 1:30 PM and traders will be all ears at 10 PM to hear Fed Chair Yellen Speak Inflation Dynamics and Monetary Policy” at the University of Massachusetts. US Final GDP will be out on Friday at 1:30 PM to end the trading week.
EUR/USD Supports and Resistance levels
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.08 | 1.13 | 1.18 |
| 1.05 | 1.15 | 1.22 |
*Important Note: The support and resistance levels are not suitable for all traders and largely depend on your account size, margin and leverage. Book a private lesson to learn how to personalize your account based on our trading guide.
