DailyFX.com -

Talking Points:

- GBP/USD Outlook Hinges on BoE Minutes, U.K. 2Q GDP

- USD/CAD Hits Fresh Weekly Low (1.0707) on Canada CPI; Lower-High in Place?

- USDOLLAR Failure to Close Above 10,440 to Highlight Topping Process





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index







  • Risks larger correction should BoE Minutes, U.K. 2Q Gross Domestic Product (GDP) report drag on interest rate expectations.
  • Catching soft support around key Fibonacci confluence around 1.7020-30; bullish flag in play?
  • DailyFX Speculative Sentiment Index (SSI) continues to show retail crowd remains net-short on GBP/USD.


  • The USD/CAD faces an increased risk of carving a lower-high just below the 1.0800 handle as Canada Consumer Price Index (CPI) unexpectedly quickens to an annualized 2.4% in June from 2.3% the month prior.
  • Despite the break of the bullish momentum in the Relative Strength Index (RSI), the oscillator appears to be carving a lower-high as well.
  • Even though Bank of Canada (BoC) Governor Stephen Poloz talks down the risk for inflation, the ongoing shift in the policy outlook may continue to drive the USD/CAD lower as the central bank scales back its willingness to deliver another rate cut.

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CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

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Read More:

Yen May Continue Higher as Geopolitical Jitters Fuel Risk Aversion

Dollar’s Haven Appeal Slow to Build as Global Headlines Shake Volatility


CAD Crosses in Focus Following Strong CPI- USD in Topping Process?

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index coming back from a fresh weekly high of 10,452 as U. of Michigan Confidence survey unexpectedly weakens to 81.3 from 82.5 in June.
  • Another failed attempt to close above 10,440 (78.6% Fibonacci retracement) may continue to highlight a near-term topping process for the USDOLLAR.
  • U.S. Consumer Price Index (CPI) & Durable Goods Orders highlight the biggest event risk for the greenback.
  • Interim Resistance: 10,508 (61.8% retracement) to 10,524 (38.2% retracement)
  • Interim Support: 10,354 (Oct. low) to 10,375 (50.0& retracement)





U. of Michigan Confidence (JUL P)




Leading Indicators (JUN)




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