ECB Slows PEPP Purchases, Canada Jobs Data Under the Radar

ECB Proves Not a Major Market Mover, CAD Traders Await Jobs Report

The US dollar traded lower against all the other major currencies on Thursday and during the Asian session Friday. It lost the most ground versus GBP, CAD, NZD, and AUD in that order, while it lost the least against EUR.

EUR/USD — Technical Outlook

EUR/USD has been trading in a consolidative manner lately, between the 1.1805 support and the resistance of 1.1834. That said, in the bigger picture, it remains below the prior upside support line drawn from the low of August 20th, and thus, we would consider the near-term outlook to be cautiously negative.

AUD/CAD — Technical Outlook

AUD/CAD traded lower yesterday, after it hit resistance once again at the 0.9375 level marked by Wednesday’s high. At the time of writing, the rate is testing the upside support line drawn from the low of August 24th, and although this keeps the short-term outlook relatively positive, we prefer to adopt a neutral stance ahead of the Canadian employment report, scheduled to be released later today.

As for the Rest of Today’s Events

During the early European morning, we already got the UK monthly GDP, as well as the industrial and manufacturing production rates, all for July. GDP slowed to +0.1% mom from +1.0%, and although IP rebounded 1.2% mom from -0.7%, manufacturing production stagnated after growing only 0.2% mom in June.

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