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Canadian Dollar strengthens sharply as BoC reduces weekly asset purchases to C$3-billion from C$4-billion

Real Time News
  • So much for $USDCAD's tentative break from its 13-month descending trend channel...again. Biggest daily drop since June 1st after the BOC takes a first step towards taper https://t.co/LPDmBlhFdL
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 1.05% 🇳🇿NZD: 0.49% 🇦🇺AUD: 0.30% 🇯🇵JPY: -0.06% 🇪🇺EUR: -0.09% 🇨🇭CHF: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ukmeM95hVA
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: 0.97% FTSE 100: 0.76% Wall Street: 0.55% Germany 30: 0.46% US 500: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/907pBEoeH0
  • #Gold has risen to its highest level since late February today, rising to trade above 1,790. The precious metal attempted this level at the beginning of the week but had dropped back to 1,770. $XAU $GLD https://t.co/SwDnJnBicr
  • 🇺🇸 EIA Cushing Crude Oil Stocks Change (16/APR) Actual: -1.318M Previous: 0.346M https://www.dailyfx.com/economic-calendar#2021-04-21
  • Doge Day wasn't a market holiday? What did I miss?
  • Might be time to look at CAD/JPY again - oversold reading (CCI)...#cadjpy #canadiadollar #yen @DailyFX https://t.co/nkSOUb1bK9
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/2nD3C9OQC1
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.77% Gold: 0.72% Oil - US Crude: -1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MOT80fb1JF
  • Heads Up:🇺🇸 EIA Cushing Crude Oil Stocks Change (16/APR) due at 14:30 GMT (15min) Previous: 0.346M https://www.dailyfx.com/economic-calendar#2021-04-21
Dow Jones & FTSE 100 Technical Forecast for the Week Ahead

Dow Jones & FTSE 100 Technical Forecast for the Week Ahead

Justin McQueen, Analyst

Equity Analysis and News

Global Indices Percent Changes

Source: Thomson Reuters, DailyFX

Dow Jones | Record High Looms

Since the Dow Jones bounced from trendline support, the index has seen somewhat of an impressive recovery, paring roughly 76.4% of the early week pullback with latest uptick stemming from the strong NFP report. Consequently, the index looks primed for another retest of the record high as the 28000 looms. As we head towards the December 15th tariff deadline, the risk pendulum will likely swing from headline to headline by Chinese and US media outlets. That said, a fresh record high in the index will likely be predicated on the official signing of a US-China phase 1 agreement before December 15th. Outlook remains supportive for equity markets for now.

Dow Jones Price Chart: Daily Time Frame (Nov 18 – Dec 19)

Daily Dow Jones Price Chart

FTSE 100 | General Election in Focus

The FTSE 100 has been among the underperforming indices throughout the week, dropping 1.7%. Having lost support from the 200DMA, the index proceeded to fall towards the low end of its recent range. That said, with a much-needed bounce back from the 50% Fibonacci retracement (7116), which also roughly coincides with the rising trendline from the Dec’18 low, eyes are for a close above 7261 to confirm an interim bottom in the index and make another march towards key resistance at 7440. Of note, UK assets are likely to see a volatile week amid the UK general election.

FTSE 100 Price Chart: Daily Time Frame (Nov 2018 – Dec 2019)

Daily FTSE 100 Price Chart

Chart by IG

RESOURCES FOR FOREX & CFD TRADERS

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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