We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • Tune in to @PeterHanksFX 's #webinar at 11:00 AM ET/3:00 PM GMT as he discusses levels to watch ahead of the Fed on #DJI & #DAX30. Register here: https://t.co/Rwbt9avERj https://t.co/9tZUtXkyNV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.99%, while traders in France 40 are at opposite extremes with 81.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/vdqp3cMcsc
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.42% Gold: 0.30% Silver: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gSMOwxfTUc
  • Heads Up:🇺🇸 USD Business Inventories (AUG) due at 14:00 GMT (15min), Actual: N/A Expected: 0.2% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2019-10-16
  • Heads Up:🇺🇸 USD NAHB Housing Market Index (OCT) due at 14:00 GMT (15min), Actual: N/A Expected: 68 Previous: 68 https://www.dailyfx.com/economic-calendar#2019-10-16
  • EU Council President Tusk says conditions surrounding Brexit should become clear within hours $GBP $EUR
  • US Equities Update (Wednesday open): $DJI -0.19% $SPX -0.26% $NDX -0.40% $RTY -0.01% $VIX +1.77%
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.22% US 500: -0.18% Wall Street: -0.20% France 40: -0.25% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XAt5DxbQrb
  • RT @economics: China unexpectedly injects $28 billion of cash as growth slows https://t.co/IOXaOYqYZM
  • RT @business: China threatens to retaliate if U.S. passes Hong Kong bill https://t.co/SOMwnY123x
Canadian Dollar, Crude Oil Prices Decline to Support. Yen May Gain

Canadian Dollar, Crude Oil Prices Decline to Support. Yen May Gain

2019-05-22 23:00:00
Daniel Dubrovsky, Analyst
Share:

Asia Pacific Market Open Talking Points

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in theDailyFX Webinars. We’d love to have you along.

Canadian Dollar Sinks with Crude Oil Despite Solid Retail Sales Data

The Canadian Dollar brushed aside solid local retail sales data, underperforming against most of its major counterparts on Wednesday. Excluding automotive, companies sold 1.7% more m/m in March versus 0.9% expected and from 0.7% in February. That was the highest since May 2018, but once you accounted for autos, those only rose 1.1% versus 1.2% anticipated. Bank of Canada rate cut bets actually increased by day-end.

Moreover, the Loonie was focused on what was going on with the decline in crude oil prices. It began with a downturn in sentiment during European hours as equities fell. The commodity brushed aside a drop in Russian oil output, which highlights its vulnerability to a decline in stocks due to its sentiment-linked vulnerability. The commodity did also accelerate its decline when US weekly oil inventories increased.

CAD/JPY Versus Crude Oil Prices and Canadian Bond Yields

Canadian Dollar, Crude Oil and Canadian Bond Yields

Chart Created in TradignView

Canadian Dollar Technical Analysis

USD/CAD finds itself wedged between support at 1.3390 and resistance just under 1.3445. The pair struggled to breakout to the upside over the past three weeks when looking at its performance around the peaks in March. A break under support exposes what could be a rising channel of support from February lows.

USD/CAD Daily Chart

Canadian Dollar, Crude Oil Prices Decline to Support. Yen May Gain

Chart Created in TradingView

British Pound, Brexit, FOMC Minutes and the US Dollar

The British Pound continued to depreciate across the board in its prolonged decline since earlier this month over the future of Brexit. Over the past 24 hours, UK Prime Minister Theresa May came under increasingly more pressure to step down which risks throwing another curveball at EU-UK divorce negotiations. Meanwhile, the US Dollar traded sideways as the FOMC minutes stressed the importance of local data.

Thursday’s Asia Pacific Trading Session

S&P 500 futures are pointing narrowly lower heading into Thursday’s session following a disappointing day on Wall Street. Overnight, the US weighed blacklisting Chinese surveillance firms such as Megvii and Meiya Pico. If this risks escalating US-China trade wars after talks have reportedly been stalling, equities could be vulnerable with the anti-risk Japanese Yen in a potentially good spot to benefit from.

FX Trading Resources

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.