Services PMI: Thursday, morning: 7:!5 in Spain, 7:45 in Italy, final French data at 7:50, final German figures at 7:55 and final euro-zone data at 8:00. Click to enlarge:Manufacturing PMIs: Tuesday morning: 7:!5 in Spain, 7:45 in Italy, final French data at 7:50, final German figures at 7:55 and final euro-zone data at 8:00. EUR/USD jumped higher on the favorable results of the French elections. I remain bullish on EUR/USDThe French elections resulted in a favorable outcome for the euro. * All times are GMTEUR/USD Technical AnalysisEuro/dollar started the week with a weekend gap on the French elections and settled above the 1.0830 level (mentioned last week).
as mentioned in A White Official indicated that the US was looking to withdraw from NAFTA but a tweet from Trump in the second half of the ... ( full story ) He announced a tariff to Canadian lumber imports and indicated that the US dairy industry was beeing treating unfairly in the early week. President Trump magnified trade tensions in the past week as he focused on NAFTA negotiations. In a two-week rally, the pair has gained 2.4% and is seen trading at 14-month highs. From economiccalendar.comPolitics have dominated USD/CAD as increasing concerns over US protectionism since the Bank of Canada's warning to the Senate committee on April 13th have attributed to a significant drop in the loonie.
as mentioned in
USD/CAD Forecast May 1-5
The pair then reversed directions and climbed to a high of 1.3697, as resistance held firm at 1.3757 (discussed last week). USD/CAD opened the week at 1.3483 and quickly dropped to a low of 1.3408. USD/CAD closed the week at 1.3649. 1.3757 held firm as the pair posted strong gains last week. The soft Canadian GDP reading last week means that the BoC is unlikely to entertain any thoughts of raising interest rates.
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