Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Mid-Day Report: Canadian Dollar Lifted by CPI, Markets Stabilizing after Panic Selloff After steep selloff in the Asian markets, sentiments stabilized mildly in European markets. At the time of writing, DAX is trading down -1.45%, CAC down -1.2 and FTSE down only -0.25%. US futures also point to a flat open, and stocks may recover from yesterday's panic selloff. In the currency markets, Canadian Dollar is the strongest one for today as boosted by stronger than expected consumer inflation reading. It's followed by Kiwi and Aussie as sentiments stabilized. Yen, on the other hand is paring back some gains. Meanwhile, Dollar continues to trade as the weakest one for the day, and the week, shrugging off solid durable goods orders. Technical Outlook USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.2863; (P) 1.2905; (R1) 1.2982; More.... USD/CAD drops sharply in early US session. But for the moment, it's still staying above 1.2802 cluster support zone (38.2% retracement of 1.2246 to 1.3124 at 1.2789). Price actions from 1.3124 are viewed as a near term pull back only. And intraday bias stays neutral, and bullish outlook is unchanged. That is, further rally is expected. On the upside, break of 1.3124 will extend recent rally to 161.8% projection of 1.2061 to 1.2916 from 1.2246 at 1.3629 next. However, firm break of 1.2789/2802 will raise the chance of rejection by 1.3065 medium term fibonacci level and bring deeper fall to 55 day EMA (now at 1.2741). Suggested Readings Dollar Bears in Charge; European Equities Tumble as Trade Fears Persist Trade War Taking Its Toll On Markets GBPJPY Builds Base Around 23.6% Fibonacci Mark And The Short-Term Ascending Trend Line Stocks Plunge, Yen Rallies As Trade War Saga Gets New Chapter USDCAD Facing Strong Selling Interest, Pullback On 9-Month High Of 1.3123 Financial Markets Tremble As Global Trade War Fears Intensify Economic Data
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