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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • 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/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
  • The New Zealand Dollar is in a tricky spot. On one hand, rising stocks can propel NZD. On the other, a dovish RBNZ ahead could cool bond yields as the government tackles soaring housing costs. Get your market update from @ddubrovskyFX here: https://t.co/5rjm2gr3EL https://t.co/aLwhWHMPqz
  • 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/obH0RFLKhC
Canadian Dollar, Crude Oil Prices Sank. USD/CAD Uptrend May Extend

Canadian Dollar, Crude Oil Prices Sank. USD/CAD Uptrend May Extend

Daniel Dubrovsky, Strategist

Asia Pacific Market Open Talking Points

Find out what the #1 mistake that traders make is and how you can fix it!

Canadian Dollar Sank with Crude Oil Prices as BoC Rate Cut Bets Rose

The Canadian Dollar underperformed against its major counterparts on Wednesday, tracking local front-end government bond yields lower. Markets are increasing expectations that the Bank of Canada could deliver a rate cut in early 2020. Odds of a 25bp reduction in January are now hovering around 48 percent probability. This may also have been pre-positioning for Friday’s Canadian jobs report.

Compounding CAD weakness later in the day was a combination of lower crude oil prices and fading bets of a US-China trade deal. Crude sank after weekly EIA inventory report printed an unexpected 7.9m b/d uptick against estimates of a 2.0m rise. Meanwhile, a possible delay to a trade agreement signing between the world’s largest economies deteriorated market mood.

The anti-risk Japanese Yen cautiously rose against its major counterparts as the sentiment-linked Australian and New Zealand Dollars weakened during the Wall Street trading session. The British Pound depreciated as well following a poll showing the UK Conservative Party losing their lead against the opposition Labour Party. Threats to the outcome of a general election for the former risks derailing Johnson’s Brexit deal.

Thursday’s Asia Pacific Trading Session

S&P 500 futures are pointing cautiously lower heading into Thursday’s Asia Pacific trading session. This could speak to a pessimistic mood to come ahead which may bode well for the Japanese Yen. That could come at the expense of the AUD and NZD. The former will be closely eyeing Australian trade data to see how that may shift near-term RBA rate cut bets.

Canadian Dollar Technical Analysis

USD/CAD closed at its highest in about 3 weeks, extending its near-term uptrend as expected. This followed a Morning Star bullish reversal pattern that formed late last month. The currency pair failed to break through near-term support (1.3134 – 1.3145) and has launched higher. The Canadian Dollar now eyes the next psychological barrier which is a range between 1.3206 to 1.3226.

Chart of the Day – USD/CAD

Canadian Dollar, Crude Oil Prices Sank. USD/CAD Uptrend May Extend

Chart Created Using TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, 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