
The G20 summit took place in Bali, Indonesia, on November 2022…
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The Canadian dollar broke out through the 1.40 psychological mark. What’s the reason?
Market uncertainty
The loonie is quite sensitive to the market mood. Today’s news turned it down. Firstly, China refused to set the GDP target. Secondly, it decided to impose new Hong Kong security law, that raised more doubts and fears about the future recovery. And finally, the US-China relationship remains tense, as Donald Trump continues to blame China for the coronavirus spread. The Canadian dollar dipped under that pressure.
Oil drop
Based on all news above, oil prices plummeted, as well. No wonder that now investors prefer safe-haven assets such as USD and JPY rather than the commodity-linked Canadian dollar.
It’s really interesting to observe next movements of CAD, as fears of the second wave may grow too strong and become well-founded. That can push USD/CAD higher. Also, today Canadian retail sales will be reported at 15.30 that will determine the future price for USD/CAD in the short-term. If the indicator is worse than expected, the Canadian dollar will fall.
Technical outlook
The USD/CAD formed a symmetrical triangle chart pattern, that’s a signal of the upcoming breakout or breakdown. At the time, it’s unclear where the price is headed. It’s better to wait a little bit for some hints. If the price breaks through the retracement level at 1.41, bulls will win and USD/CAD will head up to the next level at 1.42. Support is at 1.385.
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.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
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.
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