News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Moving averages are extremely popular due to its easy-to-use nature and multitude of uses when trading. What are some popular moving averages and how can you use them? Find out: https://t.co/ik0wQ3MLGE https://t.co/heAYoTMDeR
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:https://t.co/ZNs4Qi8ieG https://t.co/UqZBBPZiOl
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/rChAkNqPL2
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/jVxcE1QUBs
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here: https://t.co/MTc4tUDD6c https://t.co/DOQ6tyzep9
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
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