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CAD
Fundamental Analysis
(5th Mar): BoC is expected to keep rates on hold Wednesday due to lingering uncertainty on housing and investment, while sticking to the message that borrowing costs eventually need to head higher. CAD could see more upside as the crude oil continues to edge higher. Our technical analysis shows a more bullish view that CXY could bounce from the 74.7 support level.
(4th Mar): Commodities currencies including AUD, NZD, and CAD gained strength after the news from the Wall Street Journal that an agreement between the US and China is taking place.
Recent numbers for Canada are not encouraging. Canada’s economy shrank by 0.1 percent in December and got smaller in three of the previous four months. Statistics Canada reported Friday that the service sector eked out a 0.2 percent expansion in December, but that was offset by a 0.7 percent decline in goods-producing industries. We remain neutral for the currency as the domestic data is weak and BoC is more likely to keep interest rate no changed, which will bring no surprise to the market. Our technical analysis also shows that the price in in the middle of the 76.5 resistance level and 75 support level, suggesting an indecisive sentiment among investors.
Technical Analysis
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USD
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Fundamental Analysis
(5th Mar): USD recovered from an earlier slump fueled by President Donald Trump’s comments about the dollar’s strength and renewed criticism of Federal Reserve Chairman Powell as someone who “ likes raising interest … [/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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