Recent developments in the Relative Strength Index (RSI) foreshadow a further decline in USDCAD as the indicator snaps the bullish formation carried over from July.
EURUSD may stage a larger rebound over the coming days as signs of a slowing economy puts pressure on the Federal Reserve to reverse the four rate hikes from 2018.
EURUSD is trading at lows last seen over two years after breaking noted support at 1.1107. While the outlook remains weak for the pair, the market is flashing a short-term oversold signal.
Updates to the US Non-Farm Payrolls (NFP) report may keep EURUSD under pressure as the economy is anticipated to add 160K jobs in June.
USDCAD continues to give back advance from the April-low (1.3274) ahead of the NFP report as Federal Reserve officials change their tune.
USD/CAD may continue to consolidate ahead of the U.S. Non-Farm Payrolls (NFP) report on tap for May 3 as it snaps the series of higher highs & lows from earlier this week.
Gold pares the decline from earlier this week following the U.S. NFP report, with the price for bullion marking another failed attempt to test the 2019-low ($1277).
Another below-forecast NFP print may spark a short-term rebound in EUR/USD as it puts pressure on the Federal Reserve to reverse the four rate-hikes from 2018.
The recent rebound in USD/JPY has sparked a further adjustment in retail interest even as the RSI threatens the bullish formation from earlier this year.