US Dollar Outlook: USD/CAD Mired by Jobs Data Due, Oil Prices 2021-04-08 22:00:00 Rich Dvorak, Analyst
US DOLLAR OUTLOOK: USD/CAD PRICE ACTION EYES CANADIAN JOBS DATA, CRUDE OIL PRICE VOLATILITY
US Dollar tumbled -0.4% lower on Thursday as bears continue to unwind the 1Q rebound
Broad US Dollar weakness has pressured the DXY lower four out of the last six sessions
USD/CAD in focus due to potential for volatility around jobs data on deck, oil price swings Advertisement
The US Dollar extended another -0.4% lower on Thursday gauging by the DXY Index. This caused the US Dollar benchmark to notch a close below its 20-day simple moving average for the first time since 25 February. US Dollar weakness over the last few trading sessions has been far-felt across the board of major currency pairs, though the rally staged by EUR/USD price action has been particularly impressive.
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The US Dollar extended its pullback during Thursday’s trading session with weakness shown against nearly all FX peers. Will the DXY and VIX ‘fear-gauge’ slide further as stimulus is dished out?
The US Dollar pivoted broadly lower on Tuesday as Treasury yields peeled back from their recent spike. EUR/USD price volatility could intensify around monthly inflation data on deck for release.
The US Dollar traded mixed on Monday as EUR/USD edged lower while commodity currencies strengthened. AUD/USD price action looks teed up for volatility in light of the RBA decision on deck.