EUR/USD Fails at Resistance, USD/CAD Eyes BoC

MARKET DEVELOPMENT – EUR/USD Fails at Resistance, USD/CAD Eyes BoC

DailyFX 2019 FX Trading Forecasts

GBP: A steady grind higher in the Pound throughout today’s session with election polls continuing to point towards a sizeable lead for the Conservative party. The latest Ipsos Mori poll showed the Tories at 44% (+3) with Labour at 28% (+4) and thus GBP continues to witness dip-buying. However, we continue to expect that upside in GBP/USD will be capped at the 1.3000 handle.

EUR: The rise in the Euro failed at its first test of the 1.1000 handle in what has been a relatively subdued session. The latest ECB minutes offered little in the way of new information as was expected to be the case, given that it was Draghi’s farewell meeting. Focus for the Euro going forward will be the premliminary PMIs for November alongside comments from ECB Chief Lagarde.

CAD: Yet again the Canadian Dollar is on the defensive, which has failed to benefit from the rise in oil prices. While another soft data point from Canada provided USD/CAD with a slight bid after the latest ADP employment report showed a contraction of 22k jobs. That said, focus for CAD will be on comments from BoC Governor Poloz.

EUR/USD Fails at Resistance, USD/CAD Eyes BoC - US Market Open

Source: DailyFX, Refinitiv

Economic Calendar (21/11/19)

EUR/USD Fails at Resistance, USD/CAD Eyes BoC - US Market Open

Source: DailyFX,

WHAT’S DRIVING MARKETS TODAY

  1. US-China Trade Talks Risk Breaking Down, USD/JPY Currency Options Signal Fears” by Justin McQueen, Market Analyst
  2. Canadian Dollar Forecast: USD/CAD Multi-Week Highs Under Pressure” by Nick Cawley, Market Analyst
  3. Gold Price Forecast: Bearish Now, Bullish Later On” by Paul Robinson, Currency Strategist

— Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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