Date | UK | Period | Event |
15-Aug | 0700 | Jun/Jul | Labour Market Survey |
16-Aug | 0700 | Jul | Consumer inflation report / Producer Prices |
18-Aug | 0001 | Aug | Gfk Monthly Consumer Confidence |
18-Aug | 0700 | Jul | Retail Sales |
22-Aug | 0700 | Jul | Public Sector Finances |
22-Aug | 1100 | Aug | CBI Industrial Trends |
23-Aug | 0001 | Jul | XpertHR pay deals for whole economy |
23-Aug | 0930 | Jul | S&P Global Manuf/ Services/Composite PMI flash |
24-Aug | 1100 | Aug | CBI Distributive Trades |
29-Aug | 0001 | Aug | BRC Monthly Shop Price Index |
29-Aug | 1530 | --- | DMO Quarterly Investor/GEMM Consultation Meetings |
30-Aug | 0930 | Jul | BOE M4 / Lending to Individuals |
05-Sep | 0001 | Aug | BRC-KPMG Shop Sales Monitor |
06-Sep | 0930 | Aug | S&P Global/CIPS Construction PMI |
07-Sep | 0930 | Aug | BOE DMP Survey |
12-Sep | 0700 | Jul/Aug | Labour Market Survey |
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USDCAD traded lower again early Friday before bouncing into the Friday close. The subsequent bounce looks corrective at this juncture, keeping the medium-term trend pointed lower for now. The week’s move lower has resulted in a break of 1.3117, the Jun 27 low. This confirms a resumption of the downtrend that started on Oct 13 2022. The break lower opens 1.3084, and 1.3032, Fibonacci projection points. The 1.0% 10-dma envelope has been pierced for the first time since mid-June, signalling the extent of the current downside momentum. Firm resistance is seen at 1.3251, the 20-day EMA.
A strong impulsive rally in AUDUSD has resulted in the break of a number of key short-term resistance points this week. The move highlights a stronger short-term bullish theme and price is approaching resistance at 0.6900, the Jun 16 high and a key resistance. A break of this level would open 0.6936, the Feb 16 high. Initial support lies at Thursday’s intraday low of 0.6784. A firmer level lies at 0.6713, the 20-day EMA.