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US Calls for Pause on J&J Vaccine After Clotting Cases - NYT

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  • As has proved to be the case in the EU, mishandling PR around a vaccine (the other prominent adenovirus cocktail, Oxford/AZN) can increase vaccine hesitancy by hampering trust. I think the @CDCgov will allow $JNJ again soon, but it may be too late; the bell can’t un-rung.
  • If I’m understanding $JNJ numbers correctly, these rare blood clots have appeared in 6 out of 6.8 million doses, or 0.00008%. In the general pop, deadly blood clots appear in roughly 1 or 2 per 1000 people, or 0.1%-0.2% (per @CDCgov). At a glance, pausing $JNJ seems wrong.
  • Initial reaction sees equities come under pressure with treasuries picking - Modest jump in Japanese Yen across the board https://t.co/wgS7ha42BI
  • US calls for pause on J&J vaccine after clotting cases- NYT
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  • UBS forecast a further weakening in gold ($1600/oz by year end) $XAU
USD/CAD Technical Analysis: Stalling Below 1.17 Figure

USD/CAD Technical Analysis: Stalling Below 1.17 Figure

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.1609, 1.1559, 1.1488
  • Resistance: 1.1630, 1.1673, 1.1744

The US Dollar is consolidation mode after testing the boundary of the advance played out since late November against its Canadian counterpart. A daily close above the 14.6% Fibonacci retracementat 1.1630 exposes the 23.6% level at 1.1673. Alternatively, a reversal below trend line support at 1.1609 opens the door for a challenge of the 23.6% Fib retracement at 1.1559.

An actionable trade setup is absent at this point, arguing against committing to a directional bias on long or short side. We will continue to stand aside for now, waiting for a clear-cut trading opportunity to present itself in the days ahead.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/CAD Technical Analysis: Stalling Below 1.17 Figure

Daily Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

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