Month: November 2018

Analysts at DB see higher USD/CAD The Canadian dollar will be swayed by the whims of OPEC at the December 6 meeting but even beyond that, winds of trouble are blowing. “We continue to favor USDCAD higher as a nearly fully priced Jan BoC meeting (19 bps) suggests the pair could be more sensitive to

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The US Dollar has rallied nearly 4% against the Canadian Dollar since the October lows with price now targeting key resistance objectives just higher. These are the updated targets and invalidation levels that matter on the USD/CAD charts heading into the close of the month. Review this week’s Strategy Webinar for an in-depth breakdown of

Moves to new November highs The USDCAD is not done with the rally yet. The pair just reached above the November 20 and 21 highs at 1.3317.  The pair is trading at 1.3326. Crude oil is trading lower now (down -$0.80) or -1.53% at $50.85 The next target is the high for the year from

USD/CAD rides high USD/CAD is near the best levels since June as tariff talk lifts the US dollar. There is also talk of dollar-positive flows into month end. Technically, the high last week of 1.3317 is the next level to watch. USD/CAD has been in a nice uptrend channel since the start of October and

EUR/GBP daily chart EUR/GBP is trading just above its 50 and 200-day simple moving averages (SMAs).  The market is rejecting the 100 SMA.  Technical indicators keep a somewhat positive outlook. EUR/GBP 4-hour chart EUR/GBP tried to reach the 0.8900 figure but the 50 SMA blocked the intrady advance.  The technical picture is weakening for bulls

Reviewing the latest CFTC report, “Having reached their highest level since April 2017 the previous week, USD speculators’ long positions have edged down slightly,” noted Rabobank Senior FX Strategist Jane Foley. “Concerns about the outlook for global growth and its impact on Fed policy have crept into the market.” Key quotes “Short EUR positions surged

Oil Talking Points Crude struggles to preserve the rebound from earlier this week as Kuwait’s Oil Minister, Bakheet Al-Rashidi, argues that ‘it’s very early to talk about any cuts’ ahead of the Organization of the Petroleum Exporting Countries’ (OPEC) meeting on December 6, and the current environment is likely to keep oil prices under pressure

Stronger US dollar pushed gold prices to the downside.  XUA/USD broke key short-term support and tumbled to the lowest since November 16.  Gold turned to the downside and accelerated after breaking a relevant technical level and amid a broad-based US dollar strength. The greenback rose after a report signaled that US President Trump could impose

US Dollar Index gains traction in the NA session, advances to 2-week highs. Upbeat consumer sentiment report from the U.S. provides a boost to the buck. WTI falls below $52 ahead of API report. After fluctuating in a relatively tight range near mid-1.32s, the USD/CAD pair gathered bullish momentum in the NA session and rose

GBP/USD is back under pressure while markets consider the negative ramifications of the UK crashing out of the EU in a no-deal scenario.  GBP/USD is succumbing to upside pressures in the greenback as investors struggle to find a better alternative considering the mounting geopolitical risks as we head into the final weeks of 2018. GBP/USD

Daily chart 4-hour chart Gold is breaking below the 1,217.70 support potentially opening the doors to 1,211.00 target in the coming days. However, bears would need a close below 1,217.70 on a closing basis to see further losses.  30-minute chart Gold is back below its main SMAs as it reaching its lowest point in six

Spot loses further ground and tests 1.1290, daily lows. The up move in DXY approaches the 97.40 region. US Consumer Confidence remains strong in November. The greenback keeps pushing higher on Tuesday and is now forcing EUR/USD to recede to daily lows in the 1.1290 area. EUR/USD looks to USD dynamics The pair remains under

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US Dollar Index continues to push higher above 97. Wall Street pares early losses. Consumer confidence in the U.S. remains strong despite a modest drop in November. The USD/JPY pair gained traction in the last hour and rose to its highest level in two weeks at 113.81 boosted by rising demand for the greenback. As

USD/JPY daily chart USD/JPY 4-hour chart USD/JPY bulls next objective is to reclaim the 114.20 resistance.  Technical indicators are bullish although in overbought territories. USD/JPY 30-minute chart USD/JPY bulls are breaking above the 113.70 resistance.  The path of least resistance is to the upside as 114.20 should become the next target.  Additional key levels USD/JPY

The index keeps the bid tone beyond 97.00 the figure. US 10-year yields move to daily highs beyond 3.07%. US November CB’s Consumer Confidence at 135.7. The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main competitors, keeps the positive territory so far this week and manages well to stay

“The Consumer Confidence Index declined in November, following an improvement in October. The Index now stands at 135.7 (1985=100), down from 137.9 in October,” the Conference Board reported on Tuesday. Key takeaways from the press release The Present Situation Index – based on consumers’ assessment of current business and labor market conditions – improved slightly, from

EUR/USD Moves In for a Another Test of 1.1300 as USD Re-Claims 97.00 Talking Points: – The US Dollar has re-claimed ground above the 97.00 level on the DXY chart, and this is being assisted by waves of weakness in both EUR/USD and GBP/USD. Around the Euro, the optimism from yesterday has come into question

European stocks look to close the day in the red. Technology slides on Apple sell-off. Latest headlines revive concerns over trade conflict between the U.S. and China. Major equity indexes in the U.S. started the day in the negative territory on Tuesday as investors stay cautious ahead of the G20 summit, at which US President

St. Louis Fed President James Bullard has recently crossed the wires saying that rates were already “at or near” the neutral level. Key quotes (via Reuters) Possible ‘cracks’ in growth to shape Fed debate in coming year. Expects slower growth over next 2-years, making it ‘tougher’ for fed to continue rate hikes. Economy, jobs market

MARKET DEVELOPMENT – GBP DROPS AS TORY LOYALIST DEALS A BLOW TO PM MAY GBP: The Pound is on the backfoot this morning and losing ground against its major counterparts. GBP buckled early on after Tory loyalist Fallon dealt a blow to PM May, by stating that it may be possible to delay the UK’s

The barrel of WTI retakes the $51.00 mark and above. Traders remain focused on potential OPEC+ output cuts. API, EIA supplies reports next of relevance later in the week. Prices of the barrel of West Texas Intermediate are now returning to the $51.20 region after clinching fresh tops in the boundaries of the $52.00 zone

   •  The pair struggled to gain traction beyond a short-term descending trend-line resistance, held over the past one week or, and failed ahead of a 200-hour simple moving average (SMA).    •  Bullish technical indicators on hourly/daily charts support prospects for an eventually bullish breakout and hence, corrective dips are likely to be short-lived.

“U.S. house prices rose 1.3 percent in the third quarter of 2018 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI),” the FHFA reported on Tuuesday. Key quotes House prices rose 6.3 percent from the third quarter of 2017 to the third quarter of 2018. FHFA’s seasonally adjusted monthly index for September