The USD CAD accelerated to the downside on Thursday, after
breaking through a minor support price at 1.0152. Greater demand for riskier
commodities such as gold and crude oil helped to pressure this pair lower. Recent
government data suggests the economy is growing, putting the currency on track
to reach parity with the U.S. Dollar. Speculators are also factoring in the
strong possibility the Bank of Canada
will raise interest rates before the Fed. Foreign traders are also finding the
Canadian Dollar to be an attractive investment because of the countryâ€™s
abundance of natural resources and the strength of its banking system.
The U.S. Dollar traded lower against most major currencies
as traders took advantage of thin market conditions ahead of tomorrowâ€™s key
U.S. Non-Farm Payrolls Report. Early in the session the Dollar rose slightly
following a decline in U.S. Weekly Initial Claims before being overcome by
aggressive buying of higher yielding assets. Signs that the global economy may
be recovering faster than previously thought helped to pressure the Dollar led
by strong rallies in the British Pound and Canadian Dollar.
Some traders are discounting the rallies this week because
of the U.S. Non-Farm Payroll Report on Friday.They feel that the lack of major players in the market helped contribute
to the Dollarâ€™s weakness. Early guesses are for the employment report to show
an increase of between 200,000 and 300,000 jobs. Most of which is being
attributed to government census hiring. This weekâ€™s ADP private employment
report showed a surprise decrease of 24,000 jobs versus a guess of +40,000.
Economists are saying that there is no correlation between the two reports.
The Euro traded higher one day after the main trend changed
to up on the daily chart. Traders chose to ignore potential problems developing
over its ability to finance its debt and instead decided to focus on
improvements in the Euro Zone economy. The charts indicate this market is on
target to test a resistance cluster at 1.3610 to 1.3620 after regaining a 50%
level at 1.3452.
The GBP USD surged this morning following a better than
manufacturing report and a positive poll showing that the chance of a hung
parliament is decreasing. At the close, the British Pound was testing a 50%
level at 1.5297. Overtaking this level could trigger an acceleration through
the last swing top at 1.5381, turning the main trend to up.
The stronger Euro helped trigger an acceleration to the
downside in the USD CHF through a 50% level at 1.0513 and a swing bottom at
1.0506. The sharp break came close to testing a .618 retracement level at
1.0423. The market stopped after testing 1.0434 before starting a massive
short-covering rally on rumors of another intervention by the Swiss National
Bank. Earlier in the trading session, the Swiss Franc reached a record high
versus the Euro.
Strong demand for higher risk assets and the prospects of an
economic recovery in the U.S.
helped drive the USD JPY to a new high for the year. The market continued to
gain throughout the day after breaking the January top at 93.77.The initial rally began when a story broke
that Japanese investors were putting money into foreign stock markets to seek a
better return because of the lower yields being offered in Japan.
The strong surge in U.S. equity markets helped the AUD
USD regain its bullish trend after a one-day setback. News that the Chinese
manufacturing index increased more than expected drove up the Aussie on the
prospect of greater demand for Australian raw materials.
The NZD USD traded lower but made a comeback in reaction to
a pick-up in demand for higher risk assets. Early in the session the New
Zealand Dollar weakened in response to trader concerns that a rate hike in June
by the Reserve Bank of New
Zealand may not be a sure thing.
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