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08.04.2021: Market at standstill (DJIA, DXY, USD/CAD, BTC/USD)

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The US stock market has been at a standstill for the second day in a row following a rapid rally. Meanwhile, there are no market catalysts to trigger either a strong rally or a steep fall.
All US benchmark stock indices have come to a halt. Yesterday, the S&P500 edged up 1.15%. The Dow Jones showed a 0.1% uptick to the level of 33,453 points. The index of blue-chip stocks is expected to be trapped inside the range of 33,100 to 33,700.
As expected, the US dollar index found support at about 92.00 points. It is now trading at 92.35. Apparently, the dollar bears are getting exhausted. The index is likely to trade in the corridor of 91.80 to 92.50. Today, the greenback took a nosedive in response to a weekly update on unemployment claims in the US. The number of initial unemployment claims halted a downtrend and increased last week.
The US dollar is still holding the upper hand over its Canadian rival. The USD/CAD pair is trading higher at near 1.2605. Experts warn about further weakness of the Canadian dollar so that it could climb as high as 1.2710 versus the greenback.
The number one cryptocurrency is carrying on with its decline. A few days ago, it failed to surpass the milestone 60,000 dollars. Bitcoin was trading at about 56,500 dollars per token in the first half of the trading day. That move downwards triggered stop loss on long positions. So, crypto investors lost over 600 million dollars.
Analysts reckon that the bears will be able to put pressure on market quotes for a while. Key support is seen at 54,000 and 50,000 dollars. Once the price breaks the level of 50,000 dollars downwards, this will mean a trend reversal. Bitcoin is expected either to enter a sideways stage or develop a downtrend.
Today, an intraday range for Bitcoin is outlined within the borders of 55,800 – 57,200 dollars.
Despite a two-day pause in the stock market, the overall trading sentiment is positive. Yesterday, the US Fed published the minutes of the March policy meeting that did not spring surprises. In other words, the regulator sticks to the agenda of putting the official funds rate on hold.
Today the market is alert to a weekly update from the US Labor Department. The number of first-time unemployment claims rose last week that creates a short-term drop for the US dollar.
Apart from initial unemployment claims, investors monitor the dynamic of continuing jobless claims. The threshold level of Americans who live on the dole for long is 3.8 million. If the actual level of continuing unemployment claims declines below 3.8 million, it signals an economic recovery. According to the payrolls for March, the unemployment rate fell to 6%.

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