Analyst
The pair closed lower in the session yesterday buoyed by the gains recorded in prices of crude oil (Canada Major export product). The decline in the U.S. Treasury yield and weaker than expected unemployment claims data pressured the greenback. The data released by the Department of Labor revealed that 351,000 people filed for unemployment insurance for the first time last week, well above the 322000 expected.
The re-emergence of fresh caution in the global market in the wake of the Chinese real estate giant Evergrande' failure to pay holders of its dollar bond on Thursday is expected to lend strength to the Greenback ahead of the speech of the Fed Chair later today.
The presence of a bullish engulfing candle on the hourly timeframe around the 1.12624 support level signals a move to the upside with a target at 1.27865 and stop-loss at 1.26244.
Fed Chair Powell Speaks (USD) 3:00 PM
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