• Financial Institutions
  • Corporations
  • Travelers
  • Foreign Bank Note Exchange
  • International Drafts
  • International Wire Transfers
  • Global EFT
  • Foreign Check Clearing
  • Foreign Draft Issuance
  • Travel
  • Technology Companies
  • Payroll
  • Healthcare
  • Nonprofit
  • Partnerships

USD trading quietly higher ahead of US & Canadian employment reports tomorrow

Ryan April 4th, 2019
USD trading quietly higher ahead of US & Canadian employment reports tomorrow



  • USDCAD: Dollar/CAD is trading with a mixed to bid tone this morning as the broader USD trades quietly higher.  Yesterday’s bounce off key support at the 1.3300 level was much needed to thwart further selling pressure in our opinion, and it was rather interesting how a Facebook-induced selloff in the S&P futures during the afternoon helped the cause for USDCAD.  We now sit slightly above a narrow trend-line resistance channel in the 1.3350-60s ahead of what’s expected to be a quiet session.  Tomorrow morning is when it gets interesting once again for the market, as both the US and Canada will report employment data for the month of March.  We think USDCAD may hold its bid should we trade above this channel and drift a little lower should we trade below it, but we’re not expecting a whole lot of movement ahead of tomorrow.  Resistance today lies in the 1.3370s.

  • EURUSD: Euro/dollar is slumping back this morning after Germany reported an abysmal Factory Orders print for the month of February (-4.2% vs +0.3% expected) and reports crossed about Italy potentially lowering its 2019 GDP forecast from +1.0% to just +0.1%.  Over 1.3blnEUR in options expire at the 1.1250 strike this morning.  We think the market could waffle around here between the 1.1210s and the 1.1240s ahead of the US employment report tomorrow.  We’ll have some Fed speak later today, with Mester speaking at 1pmET and Williams speaking at 4pmET.

  • GBPUSD: Sterling is slipping lower today after traders failed on a 3rd attempt to rally above chart resistance in the 1.3170s over the last 24hrs.  Chart support in the 1.3130s is now stemming further selling.  The UK House of Commons voted 313-312 late yesterday to block a no-deal Brexit, which essentially forces Theresa May to go back to the EU yet again; this time to ask for another extension past April 12th.  All eyes are on Labour leader Jeremy Corbyn as well to see if he can reach a compromise with Theresa May on her Brexit deal.  Reuters has just reported that Labour party MPs are urging Corbyn not to insist on a 2nd public referendum.  We think the market could slip lower should the 1.3130s give way.  The next support levels are 1.3110, then the 1.3070s. 

  • AUDUSD: The Aussie is struggling today to build upon yesterday’s move above the 0.7010s.  Late selling in the S&P futures knocked the market back below the level, and a combination of EURUSD and copper sales so far today are hindering rebound attempts.

  • USDJPY: Dollar/yen traders are content to play within yesterday’s range as the broader USD trades quietly higher ahead of the US employment report tomorrow.  The S&P futures have now failed to surpass chart resistance at the 2886 level, which we think could weigh on broader risk sentiment here should US stocks not try to regain the level at the 9:30amET cash open.  Support today in USDJPY comes in the 111.30s while resistance remains in the 111.50s.  Almost 1blnUSD in options roll off at the 111.50 strike at 10amET.

Tune in @EBCTradeDesk for more real-time market coverage.


Market Analysis Charts

USD/CAD Daily Chart

USD/CAD Hourly Chart

May Crude Oil Daily Chart

EUR/USD Daily Chart

EUR/USD Hourly Chart

USD/CNH Daily Chart

GBP/USD Daily Chart

GBP/USD Hourly Chart

EUR/GBP Daily Chart

AUD/USD Daily Chart

AUD/USD Hourly Chart

May Copper Daily Chart

USD/JPY Daily Chart

USD/JPY Hourly Chart

June S&P 500 Daily

Charts: TWS Workspace

About the Author

Erik Bregar

Erik Bregar - Director, FX Trading

linkedin twitter

Erik works with corporations and institutions to help them better navigate the currency markets. His desk provides fast, transparent, and low cost trade execution; up to the minute fundamental and technical market analysis; custom strategy development; and post-trade services -- all in an effort to add value to your firm’s bottom line. Erik has been trading currencies professionally and independently for more than 12 years. Prior to leading the trading desk at EBC, Erik was in charge of managing the foreign exchange risk for one of Canada’s largest independent broker-dealers.

Interested in creating a custom foreign exchange trading plan? Contact Us or call CXI's trading desk directly at 1-833-572-8933.

About Currency Exchange International
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations and travelers. Products and services for international travelers include access to buy and sell more than 90 foreign currencies, multi-currency cash passports, traveler's cheques and gold bullion coins and bars. For financial institutions and corporations, our services include the exchange of foreign currencies, international wire transfers, global EFT, the purchase and sale of foreign bank drafts, international traveler's cheques, and foreign cheque clearing through the use of CXI's innovative CEIFX web-based FX software www.ceifx.com


Disclaimer: All product names, logos, and brands are property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, logos, and brands does not imply endorsement.



This publication has been prepared by Currency Exchange International for informational and marketing purposes only. Opinions, estimates and projections contained herein are our own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed reliable, but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which Currency Exchange International, its affiliates or any of their employees incur any responsibility. Neither Currency Exchange International nor its affiliates accept any liability whatsoever for any loss arising from any use of this information. This publication is not, and is not constructed as, an offer to sell or solicitation of any offer to buy any of the currencies referred to herein, nor shall this publication be construed as an opinion as to whether you should enter into any swap or trading strategy involving a swap or any other transaction. The general transaction, financial, educational and market information contained herein is not intended to be, and does not constitute, a recommendation of a swap or trading strategy involving a swap within the meaning of U.S. Commodity Futures Trading Commission Regulation 23.434 and Appendix A thereto. This material is not intended to be individually tailored to your needs or characteristics and should not be viewed as a "call to action" or suggestion that you enter into a swap or trading strategy involving a swap or any other transaction. You should note that the manner in which you implement any of the strategies set out in this publication may expose you to significant risk and you should carefully consider your ability to bear such risks through consultation with your own independent financial, legal, accounting, tax and other professional advisors. All Currency Exchange International products and services are subject to the terms of applicable agreements and local regulations. This publication and all information, opinions and conclusions contained in it are protected by copyright. This information may not be reproduced in whole or in part, or referred to in any manner whatsoever nor may the information, opinions and conclusions contained in it be referred to without the prior express written consent of Currency Exchange International.