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Market updates on August 21

Market updates on August 21

Information is not investment advice

Key events ahead:

Canadian CPI – 15:30 MT (12:30 GMT) time;

Crude oil inventories – 17:30 MT (14:30 GMT) time;

FOMC meeting minutes – 21:00 MT (18:00 GMT) time.

  • USD/CAD has been moving down. The first support for the pair will lie at 1.33. If the Canadian dollar is supported by the higher-than-expected CPI data, the chance of the fall towards the 50-period SMA at 1.3276 on H4 will increase. In case of a weaker figures of CPI, the pair may reverse towards the resistance at 1.3338.

USDCADH4.png

  • On the H4, we can see that EUR/USD has been consolidating after the rise above the 1.1088 level. If the FOMC minutes are more dovish than the market expects, the pair will rise higher to the 1.1106-1.1114 levels. In case of a strong US dollar, the pair will fall to the support at 1.1088. The next support will lie at 1.1075.

EURUSDH4.png

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