Dollar was sold off deeply this week on a string of weaker than expected economic data, as well as uncertainty over US-China trade deal. ISM indices and ADP private jobs all disappointed and the greenback’s hope now cling on Friday’s non-farm payrolls. There are conflicting reports regarding US-China trade deal phase one. We’d tend to believe nothing until it’s proven. Following Dollar, Euro and Yen are so far the weakest ones for the week so far.

Canadian Dollar surged overnight after surprisingly upbeat BoC statement. But it’s just mixed for the week so far. Sterling is a star performer instead, on optimism that Conservatives would win majority in the upcoming election on December 12, paving the way for an orderly Brexit finally.

Technically, USD/CAD’s break of 1.3190 support now suggests near term reversal. That is, rebound from 1.3042 has completed at 1.3327 and deeper fall would be seen back to 1.3016 key support. EUR/GBP seems to be having downside acceleration and breaks 0.8427 support. Focus will turn to 0.8411 long term fibonacci level.

source_https://www.actionforex.com/