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Trading ideas for USD/CAD, AUD/USD, EUR/USD

May 19, 2022

USD/CAD: Loonie’s growth was limited by the strong resistance level around 1.29 as traders took a breather from the risk-off mood amid a sluggish start to the Asian session. Fears of a slowdown in the US GDP growth and the Fed favoring a 50 basis point rate hike at the next two meetings seem to have affected the latest consolidation in the market moves. The lack of major news could also be linked to the recent moves, especially after the bearish sentiment in risky assets the previous day. USD/CAD traders may now keep their eyes on the risk catalysts for fresh impetus ahead of the housing and manufacturing data from the US and Canada. Besides, clues over the inflation fears will be important to watch.

BUY STOP 1.2900/TP 1.3000/SL 1.2850


AUD/USD: Aussie pulled back from the weekly high as traders prepared for the important Australia employment report for April. The broad risk-off mood led to recovery moves near 0.6980 during the early Thursday morning in Asian markets. Market sentiment deteriorated yesterday due to inflationary risks, slowing down the risky assets like the Australian currency. Higher inflation numbers from the UK, Eurozone and Canada appear to be fueling the fears of slowing growth moving forward. The same could be seen in the US Gross Domestic Product forecasts from the leading banks.

SELL 0.6970/TP 0.6870/SL 0.7010


EUR/USD: The EUR/USD pair is trying to find a support around 1.0460 level after it showed a bearish dynamic yesterday. A broad downside amid a risk-aversion caused a sell-off in the risk-sensitive currencies. We expect this asset to weaken even further as negative market sentiment is still dominating the global markets. EUR bulls found a local resistance at 1.0550 after Eurostat reported the Harmonized Index of Consumer Prices yesterday. This week, the Eurozone Consumer Confidence will be in focus. The confidence of the European consumers is expected to improve.

BUY 1.0480/TP 1.0580/SL 1.0430