The US dollar consolidated on Wednesday

2024-04-10

Summary:

US dollar stabilized pre-key inflation report; Canadian dollar strengthened amid renewed Middle East uncertainties, halting oil price declines.

EBC Forex Snapshot, 10 Apr 2024

The US dollar consolidated on Wednesday ahead of a key inflation report later in the day, while the Canadian dollar firmed as renewed uncertainties in the Middle East helped oil prices snap their two straight days of losses.

speculators have raised their bearish bets on the currency to the highest since December, data from CFTC showed. The BOC is expected to signal rate cuts at the meeting this month.

USDCAD

Hamas said that an Israeli proposal on a ceasefire in their war in Gaza did not meet the demands of Palestinian militant factions. Turkey said it would restrict exports of various products to Israel until there is a ceasefire.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 25 Mar)		HSBC (as of 10 Apr)
	support	resistance	support	resistance
EUR/USD	1.0695	1.1017	1.0738	1.0957
GBP/USD	1.2503	1.2896	1.2540	1.2807
USD/CHF	0.8741	0.9112	0.8833	0.9141
AUD/USD	0.6443	0.6691	0.6523	0.6688
USD/CAD	1.3359	1.3607	1.3464	1.3658
USD/JPY	146.66	151.91	150.68	152.41

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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