State of the market: the American dollar remains near significant support

Trades on the US dollar index  opened with restrained growth against the basket of major competitors on Wednesday. The reason for the US dollar growth at the start of the day was a correction after the decline and the negative opening of the stock markets of the Asia-Pacific region, which ultimately confirmed keeping of negative sentiment in the market.

The reason for the US dollar decline at the end of the US session on Tuesday was a statement by Canadian representatives about the willingness to make concessions on the NAFTA trade agreement. As a result the Canadian dollar received support for the sale of the US dollar and risk reduction at the end of the day.

The US dollar index is correcting after yesterday’s decline at the start of the day, trading above the key support of 95.00, thereby maintaining the potential to maintain the uptrend for the American dollar, but limited to resistance levels: 95.30 and 95.50.

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Hanzenko Anton

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