Daily Analysis: 2 Apr 2019

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CAD

Fundamental Analysis

(2nd Apr): The Canadian Dollar on Monday was fueled by the impressive Canadian growth figures from last Friday. The ‘risk on’ sentiment on Monday also drove it up further. Crude oil rallied after China PMI and US ISM posted upside surprises, indicating a pickup in the manufacturing sector.

For data released on Monday, Canada’s RBC manufacturing PMI came on Monday with 50.5 in March, following a reading of 52.6 in the prior month. Meanwhile, the nation’s MLI leading indicator remained unchanged in February, compared to a revised fall of 0.1% in the preceding month. This could put a question mark on the previous upbeat GDP when the outperform was contributed the most by the manufacturing sector. Plus, today’s shrinking risk appetite is keeping a cap on CAD movement, which is in line with our technical analysis where more downside is possible before it reaches the first support level.

 

 

(1st Apr): Last Friday’s upbeat GBP number is holding CAD in an upward trading channel. Canada’s construction and manufacturing sectors growth are supporting the CAD expansion. In today’s trading, we could see Manufacturing PMI number release, which is likely to post upside surprise due to recent solid growth in industrial sector. Plus, the risk-seeking appetite is supporting the CAD rally. This echoes our technical analysis showing more upside before our CAD index reaches its 1st resistance level.

 

 

 

Technical Analysis

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USD

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Fundamental Analysis

(2nd Apr): The dollar rose on Monday U.S. trading session on the back of an upbeat ISM manufacturing print. The ISM index rose to 55.3 from 54.2 as three of the five main components increased. The labor market was the main contributor to the upside surprise. Elsewhere, the picture still looks confusing. Recent fourth-quarter GDP showed… [/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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