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Strong Dollar Prevents Risk From Rising

November 15, 2021

EUR/USD: The euro declined on Friday. Investors turned increasingly bearish on the outlook for the single currency as the European Central Bank appears unlikely to change its extremely dovish policy settings in the near term against the backdrop of a slowing economy. The dollar index, which tracks the greenback versus a basket of six currencies, slid to 95. In the coming days, the euro will be influenced by poor statistics from the Eurozone, a strong dollar, and a deteriorating coronavirus situation. Let’s recall that the Austrian authorities may reintroduce tougher measures. Immediate support is located at 1.1440. A breakout below could take the pair towards 1.1400 (psychological level).

SELL STOP 1.1440/TP 1.14/SL 1.1460


GBP/USD: Sterling edged higher on Friday after reports suggesting that Britain wanted to de-escalate tensions with the European Union and renew efforts to find a solution over a Northern Ireland trade dispute. Sterling was under pressure this week amid worries that disagreements between Britain and the Eurozone could trigger a major trade disruption. Since leaving the EU last year, Britain has delayed the introduction of some border checks between the British province of Northern Ireland and EU-member Ireland. Immediate support is found at 1.3370. A breakout below could take the pair towards 1.3300.

SELL STOP 1.3370/TP 1.33/SL 1.3390


USD/CAD: The Canadian dollar was little changed against the greenback on Friday, holding near its weakest level in more than five weeks as oil prices fell and investors continued to assess data showing an acceleration in U.S. inflation. The loonie was trading nearly unchanged at 1.2580 to the greenback, after touching its weakest intraday level since the 6 of Oct. at 1.26. The currency was on track for its fourth straight weekly decline, with a loss of 1%. Immediate resistance can be seen at 1.26. A breakout to the upside can trigger growth towards 1.27.

BUY STOP 1.26/TP 1.27/SL 1.2570