Weekly Technical Outlook and Review

Weekly Technical Outlook [Read Full Report]( Dear {NAME}, ‘It pays to know where you are on the bigger picture’ Largely controlled by the China/US tariff stand-off, Syria and Russian sanctions, the US dollar had a reasonably tough time last week, down 0.38% according to the US dollar index. Wednesday’s FOMC minutes did, however, offer the greenback a modest lift, but it was not really anything to get excited about. The euro began the week trading with a reasonably strong upside bias. ECB hawk Nowotny noted that the ECB could lift the deposit rate by 20bps to begin the process of rate hikes. The reaction was predictably hawkish, resulting in an ECB spokesperson to later clarify Nowotny’s comments, saying that those were his own views, not those of the Governing Council. Wednesday’s action saw upside diminish in the shape of a daily bearish pin-bar formation. The British pound continues to reflect a strong bullish position against its US counterpart, ending the week up over 1%. Despite lower-than-expected UK manufacturing production m/m, the currency received good news on the Brexit front via reports that EU’s Barnier could be willing to offer the UK more flexibility on the timing to agree transition terms. The Canadian dollar sustained a positive wave last week, as the USD/CAD struck fresh lows of 1.2544, down 1.38%. Monday’s action fell sharply lower, influenced by the BoC’s business outlook survey and higher oil prices. The Bank of Canada reported that companies remain upbeat about future sales, business investment and hiring despite NAFTA negotiations. Following a repeat selloff on Tuesday, things began to stabilize on Wednesday, helped by weekly support entering the fray in the form of a 2018 yearly opening level at 1.2579. [Read Detailed Report]( [LIVE ACCOUNT]( [DEMO ACCOUNT]( [Facebook]( [Twitter]( [YouTube]( [Instagram]( [Website]( IC Markets Level 6, 309 Kent St, 2000 Sydney, NSW, Australia support@icmarkets.com Phone: +61 (0)2 8014 4280 [Like]( [Tweet]( [Share]( [Forward]( [Preferences]( | [Unsubscribe](