Technical Analysis

Dollar keeps on the softer side as risk trades ramp higher to start the session

Commodity currencies lead the charge on the day so far

The loonie, aussie and kiwi are pressing session highs against the dollar now as we begin European morning trade, with risk trades looking in a better spot today.

Oil is up by nearly 2% to $62.70 while S&P 500 futures are now up 1% on the day.

This is keeping a better mood in the market, with the greenback pressured slightly as we also see GBP/USD near a test of the 1.4000 handle again.

Going back to commodity currencies, USD/CAD is making its way lower to 1.2675 after the jump on Thursday/Friday – which came as oil prices dipped and as the dollar strengthened. Notably, the bounce also comes upon a test of its 100-month moving average.

For now though, the pair is making its way lower past the 23.6 retracement level of the rebound as sellers look to try and push price action back to key near-term levels.

It is a similar story for AUD/USD after having seen price rejected at 0.8000 last week:

AUD/USD 03-01

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