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Canadian Dollar Reigns, U.S. Dollar Weakens

U.S. Dollar Index to Test Multi-Year lows

Marginal losses took place on Wall Street before going into the weekend, but the major Indexes have turned in positive trading the past month. Existing Homes sales data will be released from the U.S today. Important reports which will be published this week include, Consumer Sentiment and Gross Domestic Product numbers. And the Federal Reserve will release its Monetary Policy Statement on Wednesday and will be a highlight for traders, particularly in light of the weakened U.S Dollar. The USDCAD major pair is marching steeply toward May 2016 lows at 1.24500 region.

Chinese and Japanese Equities Divergence

Japanese traders have remained sellers this morning as the Nikkei and Topix Indexes have continued to come under pressure. The Yen has also stayed stronger against the U.S Dollar. However, the Shanghai Shenzhen and Hang Seng composites have remained bullish early as Chinese equities continue to find plenty of buyers. The Conference Board’s Leading Index statistics will be published for China later today.

Euro Remains Strong, DAX is Losing Ground

The Euro’s surge in value last week will remain a large talking point among investors in the coming days. A parade of Purchasing Managers Index readings from the Manufacturing and Services sectors are underway from Europe today. European equities had poor trading results last week and while the Dax remains under a short term shadow it should be noted the German Index has still achieved better than 20% gains the past year. The Pound has also climbed and is above the important 1.30 juncture against the U.S currency.

OPEC Meeting on Tap, Crude Oil Resumes Selloff

Crude Oil should be given attention today as an important OPEC meeting gets underway in Russia. While production concerns will be a critical aspect of the commentary coming from St. Petersburg, traders will also pay attention to the selloff which occurred late last week for the commodity as it trades near 46.00 U.S Dollars a barrel.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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