Forex News Archive
Professional trading insights from Sunday, June 8, 2025
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Archive date: Sunday, June 8, 2025
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Forexlive
The new week is underway and it's looking like a relatively tame start.Eamonn is off today because it's the King's Birthday holiday in Australia so I will be your guide. So far the market moves are minimal but note that bitcoin rose about $2000 on the weekend to $106,400 in a positive sign for risk assets. This article was written by Adam Button at www.forexlive.com.
Source: Finnhub
forexlive.com
MUFG recommends shorting USD/JPY as pair gains 133 pips to 144.85
USD/JPY closed the week with a notable gain of 133 pips, reaching 144.85, prompting MUFG to recommend a short position as their trade of the week. The pair's recent strength reflects continued dollar resilience amid expectations of prolonged Federal Reserve hawkishness, while the Bank of Japan maintains its ultra-loose monetary policy stance. Despite the upward momentum, MUFG analysts likely see the current levels as overextended, with potential resistance forming near the 145.00 psychological barrier. The recommendation suggests anticipation of either profit-taking at these elevated levels or fundamental shifts that could favor yen strength. Key support levels to watch include 143.50 and the 142.00 zone. Traders should monitor upcoming US economic data releases and any shifts in BOJ communication that could validate this contrarian positioning against the prevailing trend.
USDJPY
Sentiment:
Negative
Source: Marketaux
armstrongeconomics.com
USD/CAD Focus: Gold, Oil, and Uranium Impact on Canadian Dollar
USD/CAD trading dynamics are under scrutiny as commodity prices significantly influence the Canadian dollar's performance. Gold's recent consolidation around $2,650/oz provides mixed signals for CAD, as Canada remains a major gold producer. WTI crude oil hovering near $75/barrel continues to support CAD strength given Canada's oil export dependency. Uranium sector developments add another layer to CAD fundamentals, with Canadian uranium producers benefiting from rising global nuclear energy demand. The US dollar index stability near 104.50 suggests balanced USD strength. Technical analysis shows USD/CAD testing resistance at 1.3650, with support established at 1.3580. Traders are monitoring these commodity trends closely, as sustained oil prices above $75 could pressure USD/CAD lower toward 1.3550. The interplay between these commodities and broader USD strength will likely determine near-term direction for the pair.
USDCAD
Sentiment:
Neutral
Source: Marketaux