|Day's range||1.475 - 1.479|
|52-week range||1.4576 - 1.5647|
Global aversion to the risk continues. President Trump easing his policy on the trade war with China did not help much here. Inverted yield curve is doing its job spooking the market participants.
Thursday brought us gains on two important European currencies: CHF and EUR. The first one was gaining traction from some time already but for the second one that is something new and should be rather considered as a short-term correction.
Trade wars continue but you have to admit that the volatility on the market caused by that is not extraordinary. Prices of risky assets are pretty resilient and save heaven assets are not surging as one could expect.
Having reversed from 1.3325-15 resistance, the USDCAD is declining towards 1.3210 but the ten-week old ascending support-line, at 1.3185, could confine the pair’s downside then after. Should prices continue trading southwards past-1.3185, the 1.3125 and the 1.3080 may offer intermediate halts during the pair’s slip to 1.3055. If at all the pair manage to surpass the 1.3325 upside barrier, the 1.3380 & the 1.3420 can please buyers prior to challenging them with 1.3440-45 resistance-region. Given the pair’s ability to cross the 1.3445 mark, the 1.3500 & the 1. ...
Today, in the EU markets’ focus is the ECB meeting, which often causes strong volatility. Mario Draghi is expected to confirm that the Central Bank will finally stop buying assets by the end of this year.
Five-week old “Rising-Wedge” is again at test with the USDCAD’s latest dip beneath the formation support. If the pair sustains recent breakdown, it confirms the bearish chart pattern that theoretically signal its plunge to 1.2770, which is below October lows. However, the 1.3000 and the 1.2930-25 could offer immediate supports to the pair prior to fetching it to the 1.2885-80 horizontal rest-zone. In case prices continue declining past-1.2880, the 1.2840 & 1.2800 are likely buffers that may be availed ahead of visiting the aforesaid 1.2770 mark. ...
In order to understand the risks presented by the Italian economy, it is important to recognize why the situation in 2018 is so familiar to what we witnessed in 2011. Can Italy be the next Greece?
The Bank of Canada will release the interest rate on October 24, the market is looking for a rate hike. Let’s consider currency pairs that will be affected by the decision of the BOC the most.
Having breached five-month long ascending trend-line, the USDCAD seems well inclined to test the 200-day SMA level of 1.2865, which if broken could open the door for the pair’s drop to 1.2810-2800 support-zone. In case sellers refrain to respect the 1.2800 mark, the 1.2730, the 1.2700 and the 1.2620 are likely following numbers to appear on the chart. Should prices witness pullback from present levels, the support-turned-resistance line near 1.2955 and the 1.3000 round-figure could entertain short-term buyers prior to challenging them with 1.3050, comprising 100-day SMA. ...
One wonders how the Eurozone will achieve higher core inflation if monetary policy slowly tightens and the economic activity slows. Should the Euro appreciate and get back above, say, the 1.20 mark against the greenback, it will be even harder for inflation to accelerate.
Having breached 50-day SMA & near-term important TL, the USDCAD seems all set to challenge the 1.3265-70 horizontal-region but overbought RSI might question the pair’s further upside. Though, pair’s sustained rise beyond 1.3270 can help it aim for the 1.3330 and the 1.3385 resistances. Meanwhile, the 1.3160 could offer immediate support during the pair’s pullback before highlighting the resistance-turned-support confluence of 1.3100-3090. Given the sellers fetch prices beneath 1.3090 on a daily closing basis, the 1.3000, the 1.2910 and the 200-day SMA level of 1. ...
Fading NAFTA optimism keeps exerting some pressure on the Canadian Dollar as investors focus on BOC monetary policy update
With the fortnight long descending trend-line still being untouched, the USDCAD can continue being weaker and may revisit the 1.2960, adjacent to 1.2935 supports. Should prices dip beneath the 1.2935, the 1.2885 and the 1.2845, comprising 61.8% FE level, might please the sellers. Alternatively, successful break of 1.3030 TL could escalate the pair’s recovery towards the 1.3100 and the 1.3110 trend-line resistance, clearing which 1.3170 may appear on the chart. Additionally, pair’s sustained trading beyond 1.3170 can recall the 1.3220 and the 1.3285 levels as quotes.EUR/CAD
USDCAD’s another bounce off the 100-day SMA & seven-month old ascending trend-line indicates its readiness to confront the downward slanting TL stretched since late-June, at 1.3145. Should the pair registers a daily closing beyond 1.3145 barrier, the 1.3215 and the 1.3255 are likely intermediate halts that it could avail prior to aiming the 1.3385 mark. In case Bulls keep ruling the trade-sentiment past-1.3385, the 61.8% FE level of 1.3490 may prove its worth as strong resistance. Alternatively, the 1. ...