Action Insight Mid-Day Report 4-20-18

Action Insight Mid-Day Report 4-20-18 Canadian Dollar Selloff Extends after CPI and Retail Sales Misses, Dollar Rally Accelerating Dollar's broad based rally continues today and is showing sign of acceleration. In particular, while Euro has been rather resilient, EUR/USD is starting to be dragged down by others as it dips through 1.23. While there is still some way to go, focus is now back o 1.2214 support and a break there could prompt further rally in the greenback. Meanwhile, Japanese Yen seems to be relatively immune against Dollar as USD/JPY is still bounded in range below 107.77. As the current rally in Dollar is more driven by surging treasury yields than anything else, development in both will be the main focus before the week closes. Full Report Here   CAD selloff resumes as CPI and retail sales missed expectations Good progress on NAFTA talks but no timeline yet GBP accelerating down as BoE Carney helped traders made up their... China ambassador to US Cui: Let's have a more positive and... Cleveland Fed Mester: Further gradual tightening is appropriate this year Quick Comments Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol BOC Revised Lower Growth Forecast for 2018, Sent a Mixed Message   Oil Prices Extend Rally as US Inventories Unexpectedly Declined   China Unexpectedly Loosens Monetary Policy by Cutting RRR   Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.2611; (P) 1.2643; (R1) 1.2702; More.... USD/CAD's rebound from 1.2526 extends to as high as 1.2716 so far, breaking 38.2% retracement of 1.2942 to 1.2526 at 1.2685. Intraday bias stays on the upside for 55 day EMA (now at 1.2725) and above. For now, such recovery is seen as a correction. Hence, we'd expect strong resistance below 1.2814 support turned resistance and bring fall resumption. Below 1.2630 minor support will turn bias back to the downside for 1.2526. However, sustained break of 1.2814 will turn focus back to 1.3124 instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Carney Strikes Down Hawks, Lira Trades Sideways GBP/CAD: Canadian CPI and Retail Sales in Focus Euro Under Pressure; Canadian CPI Pending AUDJPY Posts 8-Day Low, Stochastics Paint Negative Picture In Very Short-Term EUR/CHF – Swiss National Bank Deja Vu Business Cycle Weaker As Trade Tensions Continue GBPJPY Re-Challenges Rising Trend Line, Broader Trend Is Bullish     Fundamental Analysis | Technical Analysis In-depth Reports Business Cycle Weaker As Trade Tensions Continue ECB Preview - Not On Draghi's Watch China Unexpectedly Loosens Monetary Policy by Cutting RRR U.S. Economic Growth: 2 Be, Or Not 2 Be Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:30 JPY National CPI Core Y/Y Mar 0.90% 0.90% 1.00% 04:30 JPY Tertiary Industry Index M/M Feb 0.00% 0.00% -0.60% -0.40% 06:00 EUR German PPI M/M Mar 0.10% 0.20% -0.10% 06:00 EUR German PPI Y/Y Mar 1.90% 2.00% 1.80% 12:30 CAD Retail Sales M/M Feb 0.40% 0.50% 0.30% 0.10% 12:30 CAD Retail Sales Ex Auto M/M Feb 0.00% 0.50% 0.90% 1.00% 12:30 CAD CPI M/M Mar 0.30% 0.40% 0.60% 12:30 CAD CPI Y/Y Mar 2.30% 2.40% 2.20% 12:30 CAD CPI Core - Common Y/Y Mar 1.90% 2.00% 1.90% 12:30 CAD CPI Core - Median Y/Y Mar 2.10% 2.20% 2.10% 12:30 CAD CPI Core - Trim Y/Y Mar 2.00% 2.10% 2.10% 14:00 EUR Eurozone Consumer Confidence Apr A -0.1 0.1

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