The forex markets are steady in Asian session today as sentiment stabilized, following strong rebound in US stocks overnight. Dollar is currently the second strongest for the week, just next to Sterling. But no key level was taken out with the rebound in the last few days. The greenback would need to look into retail sales data today to draw some more strength. Meanwhile, Aussie and Kiwi are currently the worst performing ones for the week.

Technically, Canadian Dollar appears to be losing upside momentum after BoC governor warned of it’s strength. Focus in USD/CAD is back on 1.2265 resistance after it drew support from 1.2061 key long term support and recovered. Break of 1.2265 will indicate short term bottoming. Similarly, EUR/CAD lost momentum just ahead of 1.4536 fibonacci projection level. Break of 1.4785 resistance will indicate short term bottoming and bring rebound back towards 1.5191 resistance.
In Asia, at the time of writing, Nikkei is up 2.16%. Hong Kong HSI is up 0.95%. China Shanghai SSE is up 1.21%. Singapore Strait Times is down -0.29%. Japan 10-year JGB yield is down -0.0088 at 0.087. Overnight, DOW rose 1.29%. S&P 500 rose 1.22%. NASDAQ rose 0.72%. 10-year yield dropped -0.027 to 1.668.

Source: www.actionforex.com