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USD/CAD dropped to key support

USD/CAD dropped to key support

Information is not investment advice

The US dollar waned on hopes for the fiscal stimulus, allowing riskier currencies to move higher, and the Canadian dollar as well.

US unemployment claims came out worse than expected: 840 000 Americans filed for jobless benefits, while 820 000 were expected. It should push USD/CAD to the downside.

The Fed’s meeting minutes have encouraged investors by optimistic comments on the current recovery pace. Moreover, Vice Presidential debates were held yesterday, which turned out considerably less contentious. The post-debates reaction has been positive as Joe Biden is leading the elections race. If he wins, the larger fiscal stimulus should be unveiled than in the case of Trump’s victory.

Despite downbeat crude oil inventories, oil prices continue rallying upwards. As you may know, the Canadian dollar is really sensitive to the fluctuations in oil prices. Therefore, the CAD has been boosted by the rebound of the oil market.

Technical tips

USD/CAD went down to the significant support level of 1.3235, which was acting as resistance during the late August-early September period. It’s likely to bounce off this level, but if unemployment claims came out worse than the forecasts, it may weigh on the USD even more and drive the pair to the downside. The move below 1.3235 will push the price lower to the 200-period moving average of 1.3215. On the flip side, the move above the high of mid-August at 1.3270 will clear the way towards the 100-period moving average of 1.3295.




Oil near $130 is a nightmare for inflation

Oil markets were under great pressure amid increased demand and falling supply. OPEC+ is unable or unwilling to achieve its self-imposed production targets and insists on limiting production increases by 400,000 barrels per day despite rising prices.


British pound breakout soon?

Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).

Walmart earnings outlook

Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?

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