U.S. Economic Data Weakens: U.S. job openings in April hit the lowest level since 2021, fueling expectations for an interest rate cut in 2024 and causing a decline in 10-year Treasury yields.
📅 Today's U.S. Data: Keep an eye on ADP employment changes and the U.S. #ISM Non-Manufacturing# PMI. With the increased likelihood of further rate cuts, results below expectations could further weaken the dollar.
📰 Bank of Canada Decision: A rate cut of 25 basis points is anticipated. Combined with low oil prices, this could lead to a sell-off of the Canadian dollar.
🔍 Technical Analysis Highlights:
• Stochastic Oscillator: The daily chart shows medium-term fluctuations, indicating recent oscillations. The 4-hour chart shows bullish signals in the oversold region but suggests a short-term downward bias.
• Moving Averages: The daily chart requires a breakout to define the trend. The 4-hour chart shows intertwined moving averages, indicating a sideways trend if it stays above the moving averages, with potential for upside.
📍 Pivot Points:
• Central Pivot: 1.3655
• Bullish Scenario: Above 1.3655, targets are 1.3695 and 1.3710.
• Bearish Scenario: Below 1.3655, targets are 1.3640 and 1.3620.
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