2019-11-11 • Updated
USD/CAD slumped to 1.3280 after the FOMC meeting. The decline was short-lived, however. Towards the end of the week, the greenback revived its bullish momentum and rose to 1.3330.
Next week we will be waiting for a number of economic releases: retail sales and inflation figures from Canada, existing home sales and current account data from the US. Canadian annual budget release might become an additional market trigger. Another focus will be on the Fed Chair Janet Yellen and FOMC officials’ speeches scheduled for Thursday and Friday respectively.
At the present moment, USD/CAD is trading tightly near the 100-day MA (around 1.3300 level) consolidating after Wednesday’s impressive decline. A further support can be found at 1.3280 (the upper border of Ichimoku cloud). If it is broken the quote will slide further towards 1.3215 (200-H4 MA), or 1.3115. A break of resistances at 1.3385/1.3420 will be a signal of the restoration of the uptrend.
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Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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