UFXDaily Forex Currency Trading News 22-February-2017

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Join UFX! https://bit.ly/1OdVfYU Energy Stocks Prop Up Market U.S. stocks were higher after the close on Tuesday, as gains in the Utilities, Consumer Goods and Oil & Gas sectors led shares higher. The Dow Jones rose by 0.58%, the S&P 500 by 0.60%, and the NASDAQ added 0.47% to its value. Hike expectations lift dollar The U.S. Dollar traded higher against major currencies on expectations for a rate increase by the Federal Reserve next month. Today, the U.S. Existing Home Sales is expected at 5.55M vs 5.49M previously, and the Federal Open Market Committee is expected later today. Gold fell, closing at $1,235 an ounce, while Crude Oil rose, to close at $54.22 a barrel. Euro down despite strong PMIs The euro fell versus the dollar despite strong euro-zone PMIs. Technically, according to the daily chart, the EUR/USD is trading above the support line at 1.0525. Holding above this line may lead the EUR/USD towards 1.0800, while breaking below could take the pair to around 1.0400. The British Pound fell against the dollar, closing at 1.2454. Technically, according to the 1- hour chart, the GBP/USD is trading in a symmetric triangle pattern. Breaching the upper side of the triangle could take the GBP/USD towards 1.2700, while breaking below the lower side may lead it to around 1.2000. CAD down despite higher oil prices The Canadian dollar fell against the greenback on Tuesday despite higher prices for oil. Technically, according to the 1-hour chart, as long as the USD/CAD is holding below the resistance at 1.3165 it is expected to drop back towards 1.3000. However, crossing above the resistance line may lead the pair nearer 1.3300.