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CAD
Fundamental Analysis
(12th Apr): Oil headed for its longest weekly winning streak since 2016 as supply disruptions in Libya and Venezuela persist at a time when the OPEC+ coalition is showing record compliance with its pledged output cuts. Plus, the good news from China trade balance has spurred the sentiment largely, which benefit CAD.
(11th Apr): Today will see the release of NHPI, which will be a leading indicator of the housing industry health. It is more likely to disappoint the market after recent cooling Vancouver property sales tumbled to a 33-year low. Meanwhile, the risk aversion is keeping a cad don CAD for today’s trading.
(10th Apr): Oil prices have rallied on expectations that global supplies would tighten due to fighting in Libya, Opec-led cuts and US sanctions against Iran and Venezuela. The oil is extending the rally even though the market is under economic growth woes. The risk sentiment is still fragile and could shrink upon a more dovish ECB tonight. We remain slightly bullish for CAD as the weak risk-seeking sentiment supports the oil and CAD.
(9th Apr): CAD’s price actions show a strong correlation with the rally of oil price. Oil prices rose to fresh five-month highs today as markets tightened amid OPEC-led supply cuts, US sanctions against Iran and Venezuela, and escalating violence in Libya. While the rally may hold on for a while, we should at the same time keep an eye for the downside risks.
China’s pickup in the economy still needs more data check. Russia, not an OPEC-member but a reluctant participant in the supply cuts, signaled on Monday that it wanted to raise output when it meets with OPEC in June because of falling stockpiles. We remain cautiously positive on CAD for today’s trading. Our technical analysis alerts that possible retracement could occur before a further rally.
(8th Apr): The Canadian economy has been affected by the trade war between the U.S. and China, especially the manufacturing and export sectors. With talks between the two super-economies continuing, there is optimism that China and the U.S. will reach a deal, and that could boost the Canadian dollar. Oil rose as fighting in Libya raised the risk of supply outages. The risk-on sentiment, though in a week format on Monday morning, is likely to push CAD higher for this week’s trading.
Technical Analysis
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USD
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Fundamental Analysis
(12th Apr) Today we will see the release of Prelim UoM Consumer sentiment, which is not likely to beat the expectation due to recent weak retail sales. Plus, the growing risk sentiment is not benefiting USD for today’s trading. Commodity currencies can attract funds from USD for today’s trading. However, the release of Euro industrial … [/blur][/vc_column_text][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column][vc_empty_space height=”35px”][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner width=”1/5″][/vc_column_inner][vc_column_inner width=”3/5″][vc_separator type=”normal” color=”#b70909″ border_style=””][/vc_column_inner][vc_column_inner width=”1/5″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”35px”][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column width=”1/5″][/vc_column][vc_column width=”3/5″][kswr_heading head_align=”center” head_subtitle_color=”#333333″ head_title=”ACCESS RESTRICTED” head_title_fsize=”font-size:23px;line-height:2;” head_title_fstyle=”font-family:Inherit;font-weight:700;” head_subtitle_fsize=”font-size:17px;line-height:1.5;” head_subtitle_fstyle=”font-family:Inherit;font-weight:inherit;” head_title_margins=”margin-top:0px;margin-bottom:0px;” head_subtitle_margins=”margin-top:0px;margin-bottom:0px;”]Our comprehensive daily reports covers both technical and fundamental analysis, and are customised to your requirements.
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