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Forex Trading: Sell GBP/CHF

admin — Fri, 16 Jul 2010 08:53:33 +0000

Forex Trading: Limit order 16/07/2010. Sell GBP/CHF @ 1.5970 , SL @ 1.6145 , TP1 @ 1.5875 TP2 @ 1.5810 TP3 @ 1.5740

The pair has been trending downwards and has made a small retracement upwards.

We want to enter the main trend which is still downwards but first wait for a confirmation the trend continues.

The entrance point is located below the last bottom the pair has made on the 4 hour chart.

More aggressive traders could try and short the pair from its current location but they should be advised the retracement upwards might continue higher and a SL of above 1.6170 is recommended for such traders.

The RSI is near 50 in neutral territory.

SL is located above the last top the pair has made yesterday and above the 100 period moving average which is likely to act as a resistance for the pair.

TP’s are located slightly above the support levels the pair has.

All analysis is based on the 4 hours chart.

Current rate: 1.6075

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Forex News: The USD declined against most majors

admin — Thu, 08 Jul 2010 07:21:41 +0000

Forex Trading: The Dollar declined against most majors as global stocks rallied strongly over the outlook for U.S. retail sales, reducing safety demand for the world’s main reserve currency. NASDAQ and Dow Jones jumped by 3.13% and 2.82% respectively, and crude oil rose by 2.9 closing at $74.07 a barrel. Gold (XAU) strengthened by 0.3% closing at $1198.90 an ounce. Today, Unemployment Claims are expected to drop from 472K to 461K.

The Euro erased early losses and climbed to a six-week high against the Dollar after weakening during the day as German factory orders unexpectedly fell for the first time in five months. The EUR/USD has been trading upwards since last week and broken resistance on the daily chart at 1.2500, momentum therefore is bullish. As long as the price remains above 1.2500 a long position is preferred. Overall, EUR/USD traded with a low of 1.2553 and with a high of 1.2664.

The Pound rose for a second day as market sentiment turned positive after the U.S. stock market rallied, leading investors to buy risky assets instead. The GBP/USD has been trading upwards since June, Main resistance on the daily graph is located at 1.5260. Overall, GBP/USD traded with a low of 1.5081 and with a high of 1.5219.

The Yen strengthened against the Dollar and the Euro during the day after bad news caused investors to seek a safe haven, only to weaken on a Dollar rebound at the end of the US trading day. Overall, USD/JPY traded with a low of 87.02 and a high of 87.77.

The Canadian Dollar rose to its highest level in more than a week against the Dollar as stocks rallied and crude climbed, improving the outlook for currencies tied to growth. As long the USD/CAD stays below 1.0550 a short position is preferred. Overall, USD/CAD traded with a low of 1.0467 and a high of 1.0606.

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Daily Review 18/11/2009

Simonsays — Fri, 18 Dec 2009 10:05:56 +0000

USD Dollar (USD)

The Dollar gained versus most majors as Industrial Production came out weaker, lowering risk appetite. Industrial Production came out 0.1% versus 0.4% expected. PPI came out weaker with 0.3% versus 0.6% forecast. TIC Long-Term Purchases came out better with 40.7B versus 27.3B expected. NASDAQ and Dow Jones rose slightly by 0.27% and 0.29%. Crude gained by 0.68% closing at 79.44$ a barrel and Gold (XAU) remained almost unchanged with 0.16% change closing at 1140.5$ an ounce. Today, Building Permits are expected higher with 0.59M versus 0.57M prior and Core CPI is expected with 0.1% versus 0.2% prior. Housing Starts are expected higher with 0.61M versus 0.59M and Crude Inventories are expected with 1.2M versus 1.8M prior.

EURO (EUR)

The Euro weakened versus the Dollar and the Pound as risk appetite weakened and ECB\’s president Trichet said a strong Dollar is important for the world economy. European Trade Balance came out better than expected with 6.8B versus -0.9B expected. EUR/USD traded with a low of 1.4806 and with a high of 1.4998. Today, European Current Account is expected with 0.6B versus -1.3B prior. ECB President Trichet will speak in Frankfurt.

EUR/USD – Last: 1.4870

Resistance	1.4900	1.4925	1.4955
Support	1.4810	1.4740	1.4703

British Pound (GBP)

The Pound remained almost unchanged versus the Dollar as CPI figures came out better than expected but Industrial Production in the U.S lowered investors Risk Appetite. CPI came out 1.5% versus 1.4% expected and RPI came out -0.8% versus -0.9% expected. Overall, GBP/USD traded with a low of 1.6755 and a high of 1.6872. Today, MPC Meeting Minutes will be released. CBI Industrial Order Expectations are expected with -47 versus -51 prior.

GBP/USD – Last: 1.6800

Resistance	1.6850	1.6900	1.6955
Support	1.6750	1.6670	1.6625

Japanese Yen (JPY)

The Yen gained versus the Euro and weakened versus the Dollar as risk appetite lowered after Industrial Production in the U.S came out weaker than expected. Overall, USD/JPY traded with a low of 88.73 and a high of 89.53 and EUR/JPY traded with a low of 132.44 and a high of 133.58. Today, All Industries Activity is expected with -0.1% versus 0.9% prior.

USD/JPY-Last: 89.17

Resistance	89.65	90.00	90.18
Support	88.80	88.60	88.25

Canadian dollar (CAD)

The Canadian Dollar dropped as Risk Appetite weakened following U.S production data. Overall, USD/CAD traded with a low of 1.0464 and a high of 1.0617. Today, Canadian CPI is expected with 0.2% versus 0% prior and Core CPI is expected with 0% versus 0.3% prior.

CAD/USD – Last: 1.0535

Resistance	1.0620	1.0680	1.0735
Support	1.0475	1.0450	1.0425

Research by http://www.ufxbank.com

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Daily Review 17/12/2009

Simonsays — Thu, 17 Dec 2009 09:12:21 +0000

USD Dollar (USD)

The Dollar gained massively across the board on the day the Federal Reserve decided to leave rates as expected at 0.25%. The Dollar rose after the announcement and continued its gaining after Asia markets opened. Earlier, the Building Permits came out 0.58M better than expected 0.57M. CPI came out unchanged as expected at 0.4%. Wall Street finished mix after being unable to hold in the positive side. Stocks turned to the negative after the statement of the FED about monetary policy. The Dow Jones fell 0.10% and NASDAQ rose by 0.28%. Crude Oil kept gaining for the second day closing at 72.77$ a barrel after the oil inventories showed a 3.7M drop. Gold (XAU) gained also closing at 1137$ an ounce. Today, the Initial Jobless Claims expected at 470K vs. 474K previously. The Philadelphia Fed Manufacturing Index expected at 16 vs. 16.7 previously.

EURO (EUR)

The Euro fell against the Dollar and the Pound, breaking through the 1.4500 and 1.4400 support levels, after the CPI came out 0.5% worse than expected 0.6%. The breakdown of this level could bring the pair to fresh new lows. Manufacturing PMI came out 51.6 better than expected 51.5. Overall, EUR/USD traded with a low of 1.4379 and a high of 1.4590. Today, the Italian Unemployment Rate expected 7.7% vs. 7.4% previously.

EUR/USD – Last: 1.4410

Resistance	1.4500	1.4600	1.4675
Support	1.4345	1.4300	1.4235

British Pound (GBP)

The Cable was the best performer among majors. GBP/USD momentarily broke above 1.6370 and rose to 1.6404, reaching a one-week high but then pulled back, breaking below the 1.6300 support level, reaching lows of 1.6230. Claimant Count Change came out -6.3K better than the expected 14K. Overall, GBP/USD traded with a low of 1.6230 and a high of 1.6409. Today, the Retail Sales expected at 0.5% vs. 0.4% previously. The CBI DTS expected at 16 vs. 13 previously.

GBP/USD – Last: 1.6275

Resistance	1.6425	1.6475	1.6525
Support	1.6275	1.6210	1.6170

Japanese Yen (JPY)

The Yen fell against the Pound and the Dollar. The Dollar reached a one-week high against the Yen as the Federal Reserve said deterioration in the labor market is abating while it will keep its low rate for an extended period. Overall, USD/JPY traded with a low of 89.37 and a high of 89.96. Today, the interest rate decision of The Bank of Japan (BOJ) expected unchanged at 0.1%.

USD/JPY-Last: 89.65

Resistance	89.95	90.40	90.75
Support	89.30	88.75	88.35

Canadian Dollar (CAD)

The Canadian currency gained as crude oil and stocks rose. It was little changed after policy makers in the nation and the U.S. made commitments to keep interest rates at historic lows. The Manufacturing Sales came out 2% better than expected 0.5%. Overall, USD/CAD traded with a low of 1.0570 and a high of 1.0641. Today, The Core CPI expected unchanged at 0.1%. The Foreign Securities Purchases expected at 10B vs. 13.59B previously.

USD/CAD – Last: 1.0615

Resistance	1.0640	1.0670	1.0700
Support	1.0570	1.0550	1.0515

Research by http://www.ufxbank.com

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Daily Review 16/12/2009

Simonsays — Wed, 16 Dec 2009 09:25:13 +0000

USD Dollar (USD)

The Dollar gained versus 15 of the 16 majors as Industrial Production rose by 0.8% versus 0.6% expected signaling U.S economy is expanding. The FOMC is still expected to keep the Interest Rate today at 0.25% but more economists expect a rate increase to 0.5% until June 2010. PPI came out stronger with 1.8% versus 0.8% expected and TIC Long Term Purchases came out weaker with 20.7B versus 38.3B prior. NASDAQ and Dow Jones declined by -0.50% and -0.47% respectively as wholesale inflation raised concerns the Fed will be forced to raise interest rates. Crude gained by 0.17% closing at 70.81$ a barrel ending a 9 day declining streak. Gold (XAU) gained by 0.29% closing at 1125.70$ an ounce. Today, Building Permits are expected with 0.58M versus 0.55M prior. CPI is expected with 0.4% versus 0.3% prior and Core CPI is expected with 0.1% versus 0.2% prior. Investors are waiting for the FOMC Interest Rate decision that is expected to remain at 0.25%.

EURO (EUR)

The Euro fell versus the Dollar and the Pound after weaker French CPI results, which triggered the Euro\’s decline. German ZEW Economic Sentiment came out 50.4 slightly better than 50.1 expected but ZEW Economic Sentiment came out weaker with 48 versus 50.9 expected. More countries in the Euro zone show signs the recession is still alive. Greece is struggling with its debt and Austria nationalized Hypo Bank. Overall, EUR/USD traded with a low of 1.4503 and a high of 1.4659. Today, German and French Manufacturing PMI are expected slightly stronger. CPI and Core CPI are expected unchanged with 0.6% and 1.2% accordingly.

EUR/USD – Last: 1.4535

Resistance	1.4575	1.4625	1.4685
Support	1.4500	1.4445	1.4410

British Pound (GBP)

The Pound weakened versus the Dollar but gained versus the Euro after CPI came out 1.9% versus 1.8% expected. The CPI figures show inflation is advancing and the U.K won\’t be able to keep interest rates at their record lows. Overall, GBP/USD traded with a low of 1.6205 and a high of 1.6319. Today, Claimant Count Change is expected with 13.9K versus 12.9K and MPC Member Miles will speak in London.

GBP/USD – Last: 1.6275

Resistance	1.6315	1.6350	1.6380
Support	1.6210	1.6160	1.6105

Japanese Yen (JPY)

The Yen dropped versus the Dollar and the Euro as a near US interest rate increase seems likely in the upcoming year. Overall, USD/JPY traded with a low of 88.61 and a high of 89.95 and EUR/JPY traded with a low of 129.54 and a high of 130.73. No economic data expected today in Japan.

USD/JPY-Last: 89.65

Resistance	89.95	90.40	90.75
Support	89.30	88.75	88.35

Canadian Dollar (CAD)

The Canadian Dollar followed the trend and fell against the Dollar but gained versus most other majors as Crude prices rose slightly ending its 9 day decline. Leading Index came out better with 1.3% versus 0.6% and Labor Productivity came out weaker with -0.2% versus -0.4% expected. Overall, USD/CAD traded with a low of 1.0552 and a high of 1.0611. Today, Manufacturing Sales is expected with 1% versus 1.4% prior.

USD/CAD – Last: 1.0615

Resistance	1.0670	1.0700	1.0750
Support	1.0580	1.0550	1.0515

Research by http://www.ufxbank.com

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Daily Review 15/12/2009

Simonsays — Tue, 15 Dec 2009 10:09:14 +0000

USD Dollar (USD)

The Dollar weakened slightly versus the majors as the Dollar rally took a relief. NASDAQ and Dow Jones gained by 0.99% and 0.28% respectively as Dubai\’s bailout calmed investor fears. Crude weakened for the 9th straight day lowering by -0.43% closing at 69.57$ a barrel. Gold (XAU) gained by 0.54% closing at 1123.30$ an ounce. Today, PPI is expected with 0.8% versus 0.3% prior. Industrial Production is expected with 0.6% versus 0.1% prior. TIC Long Term Purchases is expected with 38.3B versus 40.7B prior.

EURO (EUR)

The Euro gained slightly versus the Dollar as Dubai World\’s bailout eased banks concerns of major write downs. Industrial Production came out as expected with -0.6%. Overall, EUR/USD traded with a low of 1.4607 and with a high of 1.4685. Today, German ZEW Economic Sentiment is expected weaker with 50.1 versus 51.1 prior.

EUR/USD – Last: 1.4655

Resistance	1.4685	1.4775	1.4825
Support	1.4585	1.4535	1.4470

British Pound (GBP)

The Pound gained slightly versus the Dollar but is still unable to break above or below the 1.6350 and 1.62 range. RICS House Price Balance came out weaker with 35% versus 39% forecast. Overall, GBP/USD traded with a low of 1.6188 and a high of 1.6324. Today, CPI is expected with 1.8% versus 1.5% prior.

GBP/USD – Last: 1.6300

Resistance	1.6340	1.6380	1.6425
Support	1.6250	1.6190	1.6150

Japanese Yen (JPY)

The Yen gained versus the Dollar and other majors after Tanken Manufacturing Index came out stronger than expected. The Yen is set to replace the Dollar in the Carry Trading as borrowing costs in Japan became almost as cheap as U.S loans. Overall, USD/JPY traded with a low of 88.32 and a high of 89.29 and EUR/JPY traded with a low of 129.18 and a high of 130.64. Today, Tertiary Industry Activity is expected with 0.5% versus -0.5% prior.

USD/JPY-Last: 88.75

Resistance	89.00	89.25	89.85
Support	88.35	88.00	87.40

Canadian Dollar (CAD)

The Canadian Dollar remained unchanged versus the Dollar as no major news was released and Crude prices were merely changed. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. Today, Leading Index is expected with 0.6% versus 0.7% prior and Labor Productivity is expected with -0.4% versus 0.0% prior.

USD/CAD – Last: 1.0580

Resistance	1.0635	1.0670	1.0700
Support	1.0550	1.0515	1.0480

Research by http://www.ufxbank.com

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Daily Review 14/12/2009

Simonsays — Mon, 14 Dec 2009 11:03:22 +0000

USD Dollar (USD)

The Dollar continued rallying versus most majors on Friday after Retail Sales and Michigan\’s Consumer Sentiment came out stronger than expected signaling economy is recovering improving Fed Rate Outlook. NASDAQ ended almost flat with -0.03% change and Dow Jones gained by 0.63%. Crude weakened by -1.39% dropping below 70$ for the first time since October closing at 69.87$ a barrel and Gold (XAU) dropped by -0.91% closing at 1114.55$ an ounce on a stronger Dollar. No economic data expected today.

EURO (EUR)

The Euro continued falling versus the Dollar reaching a 2 month low below the 1.46 support level as better economic data in the US led investors to expect a near rate increase. Ireland and Greece are facing major debt concerns that may lead to their exit from the Euro-Zone. Overall, EUR/USD traded with a low of 1.4586 and with a high of 1.4776. Today, Industrial Production is expected with -0.6% versus 0.3% prior.

EUR/USD – Last: 1.4620

Resistance	1.4700	1.4775	1.4825
Support	1.4585	1.4535	1.4470

British Pound (GBP)

The Pound dropped slightly versus the Dollar after PPI Input and Output came out weaker than the forecast. The UK budget deficit keeps growing as the government keeps spending money to spur the economy preventing the Pound from gaining back. Overall, GBP/USD traded with a low of 1.6196 and a high of 1.6338. Today, RICS House Price Balance is expected with 39% versus 34% prior.

GBP/USD – Last: 1.6200

Resistance	1.6275	1.6340	1.6380
Support	1.6160	1.6120

Japanese Yen (JPY)

The Yen weakened versus the Dollar and the Euro as economic conditions improve and a future rate increase in the U.S seems more likely. Overall, USD/JPY traded with a low of 88.26 and a high of 89.81 and EUR/JPY traded with a low of 129.97 and a high of 131.59. No economic data expected today.

USD/JPY-Last: 88.40

Resistance	89.30	89.85	90.10
Support	88.25	88.00	87.75

Canadian Dollar (CAD)

The Canadian Dollar weakened versus the Dollar as Crude dropped beneath 70$ a barrel on stronger Dollar sending the high yield commodity related Australian and Canadian Dollar lower. Overall, USD/CAD traded with a low of 1.0484 and a high of 1.0623. No major economic data expected today.

USD/CAD – Last: 1.0610

Resistance	1.0630	1.0650	1.0690
Support	1.0540	1.0500	1.0480

Research by http://www.ufxbank.com

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Daily Review 11/12/2009

Simonsays — Fri, 11 Dec 2009 09:27:39 +0000

USD Dollar (USD)

The Dollar traded with a narrow range versus most majors as mixed data was released in the US. The initial Jobless claims rose by 17K coming at 474K but the trade balance deficit in the U.S. unexpectedly narrowed in October to -32.9B as rebounding economies overseas and a weaker dollar pushed exports up for a sixth consecutive month. NASDAQ and Dow Jones rose by 0.33% and 0.67% respectively, following the trade balance. Crude oil decreased by 0.2% closing at 70.54$ a barrel. The oil traded the first time this month below 70$. Gold (XAU) rose by 0.5% closing at 1125.7$ an ounce. Today, Retail Sales is expected at 0.6% vs. 1.4% previously and Michigan Consumer Sentiment is expected at 69.1 vs. 67.4.

EURO (EUR)

The Euro rose slightly versus the Dollar after European Central Bank President Jean- Claude Trichet said he will withdraw stimulus measures in a faster pace than economists anticipated, clearing the way for higher interest rate next year. Overall, EUR/USD traded with a low of 1.4682 and with a high of 1.4760. Today, ECB President Trichet Speaks.

EUR/USD – Last: 1.4725

Resistance	1.4760	1.4866	1.4900
Support	1.4675

British Pound (GBP)

The Pound stayed almost unchanged versus the Dollar and the Euro after The Bank of England stuck to its plan to buy as much as 200 billion pounds in bonds and held the interest rate at a record low of 0.5%. Overall, GBP/USD traded with a low of 1.6213 and with a high of 1.6346. Today, PPI Input is expected at 0.6% vs. 2.6% prior.

GBP/USD – Last: 1.6312

Resistance	1.6346	1.6472	1.6660
Support	1.6230	1.6167

Japanese Yen (JPY)

The Yen declined against the Dollar and Euro, as U.S. continuing claims for unemployment benefits fell to a nine-month low, encouraging demand for higher-yielding assets. Overall, USD/JPY traded with a low of 87.73 and with a high of 88.45.No important data is expected today.

USD/JPY-Last: 88.70

Resistance	89.17	89.60
Support	87.72	87.36

Canadian dollar (CAD)

The Canadian Dollar strengthened for a second day versus the Dollar, touching the strongest level this week as stocks gained and the nation unexpectedly posted a trade surplus. Trade Balance came out better than expected at 0.4B vs. -0.6B forecast. Overall, USD/CAD traded with a low of 1.0478 and with a high of 1.0582. Today, NHPI the previous data came out at 0.5%.

CAD/USD – Last: 1.0512

Resistance	1.0550	1.0590	1.0648
Support	1.0482	1.0433

Research by http://www.ufxbank.com

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Daily Review 10/12/2009

Simonsays — Thu, 10 Dec 2009 09:14:07 +0000

USD Dollar (USD)

The Dollar was mixed versus the majors after Inventories at U.S. wholesalers rose in October for the first time in more than a year, signaling companies are picking up the pace of orders as the economy shows signs of improvement. NASDAQ and Dow Jones strengthened by 0.5% respectively. Crude Oil fell by 2.7% after the report showed that Crude inventories fell by 3.8 million barrels and Crude price closed at 70.64$ a barrel after oil inventories showed a rise. Gold(XAU) fell by 2% closing at 1120.4$ an ounce. Today, Trade Balance is expected at -36.9B vs. -36.5B prior. Unemployment Claims is expected to rise from 457K to 463K. Federal Budget Balance is expected at -136B vs. -176.4B prior.

EURO (EUR)

The Euro gained slightly versus the Dollar after U.S. stocks rose modestly, reviving demand for higher-yielding assets. Overall, EUR/USD traded with a low of 1.4668 and with a high of 1.4782. Today, ECB Monthly Bulletin will be released and ECB President Trichet will speak at the University of Cambridge.

EUR/USD – Last: 1.4703

Resistance	1.4782	1.49	1.5090
Support	1.4675	1.46

British Pound (GBP)

The Pound decreased versus the Dollar and Euro as the U.K.â€™s Treasury is expected to raise 550 million pounds targeting payouts at banks in the next few months and another 3 billion pounds from incomes earned after April 2011. Overall, GBP/USD traded with a low of 1.6167 and with a high of 1.6375. Today, MPC Rate Statement is expected to leave the Interest Rate unchanged at 0.5%. Asset Purchase Facility is expected to stay unchanged at 200B in case it will be higher the Pound is expected to drop.

GBP/USD – Last: 1.6254

Resistance	1.6350	1.6515	1.6670
Support	1.6165	1.61

Japanese Yen (JPY)

The Yen continued to strengthen versus the Dollar after Japanese stocks fell the most in 8 days. Core Machinery Orders came out as expected with -4.5%. Overall USD/JPY traded with a low of 87.36 and with a high of 88.7. No economic data expected today.

USD/JPY-Last: 87.86

Resistance	88.5	89.2	90.1
Support	87.35	87	86.6

Canadian dollar (CAD)

The Canadian Dollar strengthened against the Dollar amid speculation that yesterdayâ€™s decline to the lowest level in almost two weeks went too far. Overall, USD/CAD traded with a low of 1.0514 and with a high of 1.0661. Today, Trade Balance is expected at -0.6B vs. -0.9B prior.

CAD/USD – Last: 1.0568

Resistance	1.0590	1.0650	1.0670
Support	1.0533	1.0485	1.0433

Research by http://www.ufxbank.com

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Daily Review 09/12/2009

Simonsays — Wed, 09 Dec 2009 09:22:05 +0000

USD Dollar (USD)

The Dollar continued gaining versus most majors as investors turned to the Safe Haven of the Dollar as the global economy keeps struggling to end the recession. President Obama called for more federal spending to fight the unemployment. IBD/TIPP Economic Optimism was out weaker with 46.8 versus 49.5 expected. NASDAQ and Dow Jones dropped by -0.76% and -1.00% respectively as the Dollar strengthened. Crude weakened by -1.23% closing at 73.02$ a barrel and Gold (XAU) fell by -2.87% closing at 1130$ an ounce on a stronger Dollar. Today, Wholesale Inventories are expected with -0.6% versus -0.9% prior.

EURO (EUR)

The Euro continued falling versus the Dollar, breaking below the 1.48 support level. German Industrial Production came out weaker with -1.8% versus 1.1% expected and sent equity markets to declines. Overall, EUR/USD traded with a low of 1.4680 and with a high of 1.4867. French Non-Farm Payrolls will be released at night and are expected to remain with 0% change. ECB Monthly Report will also be released at night giving outlooks for various economic issues.

EUR/USD – Last: 1.4699

Resistance	1.4735	1.4896	1.5090
Support	1.4668

British Pound (GBP)

The Pound dropped versus the Dollar after Manufacturing Production came out short with 0% versus 0.5% expected. NIESR GDP Estimate came out 0.2% versus -0.4% prior. Overall, GBP/USD traded with a low of 1.6255 and a high of 1.6476. Today, Trade Balance is expected with -6.9B versus -7.2B prior.

GBP/USD – Last: 1.6190

Resistance	1.6311	1.6515	1.6670
Support	1.6180

Japanese Yen (JPY)

The Yen gained versus the Dollar and the Euro as risk appetite continued to wane and investors seek the safety of the Yen. Final GDP came out weaker with 0.3% versus 0.8% expected. Overall, USD/JPY traded with a low of 88.16 and a high of 89.51 and EUR/JPY traded with a low of 129.64 and a high of 132.71. Today, Core Machinery Orders are expected with -4.4% versus 10.5% prior.

USD/JPY-Last: 88.00

Resistance	89.17	90.10	90.77
Support	88	87.65	87

Canadian Dollar (CAD)

The Canadian Dollar weakened versus the Dollar as Bank of Canada left the Interest Rate unchanged at 0.25% and Commodity prices continued to weaken lowering the high yielding currency\’s appeal. Housing Starts came out 159K as expected. Overall, USD/CAD traded with a low of 1.0485 and a high of 1.0670. No economic data expected today.

USD/CAD – Last: 1.0647

Resistance	1.0670
Support	1.0611	1.0595	1.0487

Research by http://www.ufxbank.com

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