Will S&P 500 stop falling?
S&P dropped to the one-month low amid the overall risk-off market sentiment.
USD/CAD surged on failing oil and risk-off sentiment
Information is not investment advice
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.
Kseniya Medik
Similar
Election may push gold up
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
Brexit deadline is set on Halloween
GBP/USD has bounced off the key support of 1.30 and turned to the upside. The pound is widely anticipated to rally further amid rising hopes for the end of Brexit talks this weekend on Halloween.
Popular
EUR/USD very little changed since this morning
EUR/USD very little changed since this morning trading at the area of 1.1680, while USDJPY is trading at 104.50
Will S&P 500 stop falling?
S&P dropped to the one-month low amid the overall risk-off market sentiment.
The black gold looks set for the first weekly rise in three weeks
Futures are back in 'red' this morning following a few disappointing tech earnings reports after the US closure.
Choose your payment system
