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FX Headlines: Further G-7 Intervention Not Off the Table for Yen, Japan

FX Headlines: Further G-7 Intervention Not Off the Table for Yen, Japan

2011-03-22 13:30:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Fundamental Headlines

Japan Maintains Threat of Further G-7 Action - WSJ

U.S. Banks Oppose Tighter Money Rules - WSJ

China Premier Says ‘Urgent Steps’ Needed on Trade Imbalance - Bloomberg

Fed’s Pianalto Sees Moderate U.S. Recovery - CNBC

Rift Over Command of Libya Campaign – Financial Times

USDCAD: The USD/CAD pair pared its recent gains after testing below the 0.9750 level for the second time in two days, an area that has become a new level of resistance. Traders fled from the Loonie as Canadian retail sales disappointed for the month of January, showing a 0.3 percent decrease month-over-month, despite a forecast of growing by 1.0 percent. However, the figures less autos showed that sales were unchanged, after being expected to rise by 0.7 percent. This marks the second consecutive month in which automobile sales have dragged down the headline retail figure. The decline in spending does not come as a surprise, as Finance Minister Jim Flaherty tightened consumer lending rules in January to prevent excessive borrowing, suggesting that spending growth will slow this year.

Taking a look at price action, key resistance at 0.9776 appears to be a key level of support, coinciding with the 20-SMA. The pair has made three attempts on the daily chart to move above the 100-SMA, at 0.9966, and failed; currently, the pair is finding support above its 20-SMA at 0.9773, and is finding resistance over the past three days at 50-SMA. Going forward, as risk appetite returns to the market, the pair will likely continue to decline in its descending channel, which it has been trading in dating back to early September. The direction of the pair directly correlates with risk appetite in the market: continued unrest in the Middle East and North Africa will be Greenback-bullish, though an easing of tensions would be bullish of the Loonie. However, the general trend remains to the downside, as investors, speculating on oil futures appreciating, could send the Loonie higher in coming days as the conflict in the MeNa region continues.

Written by Christopher Vecchio, DailyFX Research.

To contact the author of this report, please send inquiries to: research@dailyfx.com

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

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