Dollar Broadly Lower as Weak Economic Data Revived QE3 Talk Dollar was the weakest currency last week as poor job data and Q1 GDP revived talk of QE3 from Fed. Also, dollar was dragged down by strength in stocks, which were then boosted by solid corporate earnings. Euro was the next weakest on political uncertainties in Eurozone France and the Netherlands. Also, S&P's downgrade of Spain weighed on the common currency. Yen jumped across the board as markets were clearly dissatisfied with BoJ's QE expansion. Canadian dollar and Aussie were both strong, next to yen, on risk appetite. Sterling shrugged off disappointing Q1 GDP and strengthened against other European majors. Full Report Here... | 
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USD/CAD Weekly Outlook USD/CAD finally broke out of recent range and resumed whole decline from 1.0656 last week, reaching as low as 0.9799 so far. Initial bias remains on the downside this week and current fall should extend towards 0.9725 support. Though, we'd expect strong support from that level to contain downside and thus, we'll be focusing on reversal signal. Nonetheless, break of 0.9870 resistance is needed to signal short term bottoming first. Otherwise, outlook will remain bearish even in case of recovery. Read more... |
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