Headlines the Economic Calendar on Friday
The Market Agenda is not heavy today.
Canada CPI Inflation will be announced today and it is expected to ease slightly to 1.0% (YoY) from 1.3% a month ago in June.
Retail sales growth will also be another release to be followed today in Canada. It is expected to accelerate to ease to 0.3 % in May from 1.5% a month ago. Better than the previous realization in retail sales would be considered positive for Canada economy.
Daily Technical Analysis
USD/CAD - The selling pressure is behind the USD/CAD pair and the price has been falling for two and a half months. However, as long as the pair trades above 1.2525, the downward trend may be limited and we will follow resistance level at 1.2795. On the other hand, if the price drops below 1.2525, the next support level will be at 1.2135.
- Support :1.2525 – 1.2135 – 1.1318
- Resistance : 1.2795 – 1.3030 – 1.3155
USD/JPY – The USD/JPY currency is trading below the 111.90 daily resistance level. If the price remains below that level on a daily basis, the bearish action may gain momentum. At this point, we will watch 110.50 and 109.75 as support levels. Although, if the pair goes beyond 111.90 again, the next resistance level will be at 112.75.
- Support : 110.50 - 109.75 - 109.75
- Resistance : 111.90 - 112.75 - 113.60
USD/CHF - The USD/CHF pair found buyers from the 0.9695 major resistance level a week ago and it has been falling since that time. However, as long as the pair trades above 0.9480 on a daily basis, the downward trend may be limited and we will follow resistance level at 0.9587. On the other hand, if the price drops below 0.9487. the next support level will be at 0.9365.
- Support : 0.9480 – 0.9365 – 0.9252
- Resistance : 0.9587 – 0.9695 – 0.9775