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The US dollar had trouble sustaining its climb on Friday when the US NFP report came in weaker than expected.
Reviewing the long-term price action of EURCAD indicates that the pair may be in the middle of a huge market correction, as the recent selloff is stalling at the 38.2% Fibonacci retracement level of the previous uptrend.
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The Greenback cashed in plenty of gains to the euro and other currencies with dovish central banks, as risk aversion peeked back in the markets yesterday.
USDJPY has staged strong gains in the past few days yet it appears to be stalling at a major resistance zone. Price is moving around the 105.50 area, which lines up with the previous year highs and a long-term support zone broken in the past years. This also lines up with the 61.8% Fibonacci retracement level on the latest downtrend.
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The US dollar edged slightly lower to its forex counterparts when the US economy printed a weaker than expected factory orders report.
AUD/CAD has been trading inside a range on its 1-hour time frame, finding support at the 1.0115 area and resistance at the 1.0215 level. Price has recently come off a test of the range support and appears ready to test resistance once more.
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Data from the US economy came in mostly stronger than expected yesterday, although the dollar’s performance was mixed.
EURCAD has sold off sharply in August, but it looks like the pair is prime for retracement back to an area of interest. Price could pull up to the broken support area at the 1.4400-1.4450 psychological levels, which are close to the 38.2% Fibonacci retracement level.
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The US dollar recovered to most of its major counterparts in recent trading sessions, despite the lack of top-tier data from the US economy yesterday.
NZDJPY has been trading in an uptrend, as a rising channel can be drawn on its recent price action. The pair is still making its way to the top of the channel, which might hold as near-term resistance.