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Starting from January, an upward trend was formed in favor of the CAD, which became possible due to the recovery of oil prices. After reaching many-years lows, oil recovered and solidly entrenched in the range of 50-55 dollars per barrel of CL/WTI. This became possible after the emergence of the political crisis in Venezuela, which was on the verge of a coup.
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This week we caught a glimpse as to what is in store for American politics when President Trump gave his annual State of the Union address. Postponed by about a week due to the government shutdown, the State of the Union is seen as a golden opportunity for the President of the United States to set the political agenda for the whole year ahead. We decided to present you with a few highlights from the event and see what we can expect from a President who has repeatedly proven difficult to predict the actions of.
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Today we would take a look at the EUR/USD currency pair. The pair has been in a steep decline all through February so far.
The economic situation in Europe continues to be suboptimal. Recent fundamentals provided proof for the ongoing economic slowdown in Europe, showing that the poor global situation is also affected the eurozone.
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On the daily chart we observe that the pair has declined for six days in a row and the dollar index reached its maximum annual values, rising above the level of 96.80.
A meeting of EU finance ministers will be held today, where future plans will be discussed. In part, the single currency rate is also affected by the Brexit negotiation status.
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Starting from January we have observed the rates within the upward trend. The Canadian dollar received the necessary support by rising oil prices and reducing the risks associated with the trade conflict between the US and Canada. At the same time, the economy remains at the optimal level, although it is not in the stage of active growth.
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During yesterday's rally, the dollar appreciation resumed and the pair started a downward movement again. The dollar index again approached 97.00 showing the strength of the reserve currency.
The euro, on the contrary, is trying to reduce the ECB’s efforts and the pair continues to approach four-month lows.
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President Donald Trump remains ever faithful to his reputation of shocking the markets with unexpected developments. Last night Trump announced that he will show support for the funding bill that was agreed this week, but as the proposal does not allocate enough money for funding his wall, he will also be declaring a national emergency. What does it all mean? Let’s find out.
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EUR/USD. Judging by the previous candle, we think that the pair will test the 1.1405 mark and continue to move down to the marks of 1.1355 and 1.1305.

GBP/USD. We believe that the pair will go to the 1.2930 and 1.2875 marks.

AUD/USD. We see a reversal and a strong downward momentum. The pair is heading towards the 0.71 and 0.7045 marks.

USD/CAD. In case of overcoming it, there can be a movement to the level of 1.3335.

The rates continue within the upward trend formed in early 2018. A month earlier we saw signs of a trend change, but this did not happen. Quotes again rushed up in favor of the USD. The increase in the interest rate by the Central Bank of Sweden and the fairly hawkish attitude, amid the central banks of other countries, including the United States, soften monetary policy and did not change the situation.
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Against the background of investors' optimism, our pair was able to turn around five days ago and head up from the level of 1.2785. Yesterday Prime Minister Theresa May arrived in Brussels to continue negotiations and the pair halted growth in fear of a failure.
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