
The G20 summit took place in Bali, Indonesia, on November 2022…
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These days we are kind of focusing on the USA, China or the UK. As breaking news from these countries are coming out so often that traders hardly keep up with them. Donald Trump alone can shake the market. So, for some time we left Canada aside. And now, there is something to see there!
Things are the same in Canada like everywhere now: the national lockdown, the poor economic activity and a huge amount of jobs lost. This is hard enough. Unfortunately, it’s not over. In addition, the drop in oil prices worsened the situation.
On April 15 the Bank of Canada announced the expanding of its first quantitative easing program. As a result, the Canadian dollar weakened. And, forecasts are bearish as oil prices aren’t going to rise in the near term and nobody knows how long the lockdown will last.
So, let’s have a look at the CAD/JPY pair. After the announcement of the QE program, the price went down. Resistance lines are on 76.94 and 76.57. If the CAD/JPY break down through 38.2% Fibonacci retracement level or the 76.185 mark, it will possibly continue falling down. The support line is on 75.73.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
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