As we famous in our DXY overview at this time, at this time’s buying and selling day started with the onset of the greenback. It’s rising at this time in opposition to all main currencies, together with uncooked supplies, such because the New Zealand, Australian, Canadian {dollars}.
Futures on the DXY greenback index additionally opened at this time’s buying and selling day with a small hole up after an unsure progress within the earlier 3 buying and selling days. On the time of this text’s publication, DXY futures have been buying and selling at 107.74, up 79 pips from at this time’s open and 88 pips from final Friday’s shut.
Right now’s financial calendar just isn’t wealthy within the publication of vital macro statistics for the US, and this complete buying and selling week within the US will likely be shorter than common: on Thursday, November 24, banks and inventory exchanges on this nation will likely be closed on the event of Thanksgiving Day. At the present time marks the beginning of the vacation season. It consists of Christmas and continues till the New 12 months. November 25 is a shortened working day in america as a part of the continuation of Thanksgiving Day celebrations.
From a technical standpoint, for calmer purchases, it’s higher to attend for the USD/CAD to rise to the zone above the resistance ranges of 1.3450, 1.3488.
Gross sales will be resumed after the breakdown of the vital short-term help degree 1.3376 with targets on the help ranges 1.3200, 1.3100.
*) For upcoming occasions of this week, see Key financial occasions of the week 11/21/2022 – 11/27/2022
Help ranges: 1.3376, 1.3300, 1.3200, 1.3100
Resistance ranges: 1.3450, 1.3488, 1.3500, 1.3570, 1.3600, 1.3640, 1.3685
