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COZfx: Canadian dollar hits fresh 4-week highs

COZforex: The Canadian dollar rose to fresh 4 week highs against its broadly weaker US counterpart on Tuesday, boosted by higher prices for oil and robust domestic data.

USD/CAD was down 0.3% to 1.3462 by 09.30 ET, its lowest trough since April 24.

The price of oil, a major Canadian export pushed higher amid hopes that major producers will extend supply cuts for a prolonged period later this week, amid efforts to reduce a global supply glut.

The loonie received an additional boost after data showing that the value of Canadian wholesale trade grew by 0.9% in March, hitting a record high.

The increase was mainly due to increased demand for building materials and supplies, Statistics Canada said.
The greenback was struggling near six-month lows against a currency basket as expectations for fiscal stimulus under the Trump administration faded amid political turmoil in Washington.

Recent weeks have seen a steady stream of revelations surrounding the FBI’s investigation into alleged Russian interference in November’s presidential election and reports that President Donald Trump attempted to interfere with the judicial process.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 96.83, not far from Monday’s six-month trough of 96.83.


(COZ forex UK)
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COZfx: Aussie trading a tad lower in the morning session

COZforex: For the past trading session, the AUD declined 0.24% against the USD and closed at 0.7444 on Friday.

In commodities, LME Copper prices declined 0.81% or $58.0/MT to $7139.0/MT; Meanwhile, Aluminium prices declined 1.67% or $38.0/MT to $2239.5/MT.

In the Asian session, the pair is trading at 0.7442, with the AUD trading marginally lower against the USD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: AUD/USD is expected to find support at 0.7419 and a fall through could take it to the next support level of 0.7395; Meanwhile, the pair is expected to find its first resistance at 0.7473, and a rise through could take it to the next resistance level of 0.7503.

Going ahead, investors would closely monitor Australia’s 1Q house price index and the Reserve Bank of Australia’s June meeting minutes, slated to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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COZfx: Euro-zone’s economy expanded as initially estimated in 1Q 2018

COZforex: For the past trading session, the EUR rose 0.14% against the USD and closed at 1.1798.

Data indicated that the Euro-zone’s seasonally adjusted final gross domestic product rose 0.4% on a quarterly basis in the first three months of 2018, in line with market expectations. The preliminary figures had also indicated a rise of 0.4%. In the prior quarter, GDP had expanded 0.6%.

Meanwhile, in Germany, the seasonally adjusted factory orders unexpectedly fell 2.5% on a monthly basis in April, due to a decline in domestic orders and defying market expectations for a rise of 0.8%. Factory orders had dropped by a revised 1.1% in the previous month.

In the US, data revealed that that the number of Americans filing for fresh unemployment benefits dropped slightly to a level of 222.0K in the week ended 02 June, hitting a 4-week low level and compared to market expectations for a drop to a level of 220.0K. Initial jobless claims had registered a revised level of 223.0K in the prior week.

Other data showed that, the nation’s consumer credit climbed $9.3 billion in April, less than market forecast for a rise of $14.0 billion. In the prior month, consumer credit had climbed by a revised $12.3 billion.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1776 and a fall through could take it to the next support level of 1.1753; Meanwhile, the pair is expected to find its first resistance at 1.1831, and a rise through could take it to the next resistance level of 1.1863.

Amid lack of major macroeconomic releases in the Eurozone today, investors would look forward to Germany’s trade balance and industrial production, both for April, scheduled to release in a few hours.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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  1. one week ago
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COZfx: Britain’s manufacturing PMI unexpectedly climbed in May

COZforex: For the past trading session, the GBP rose 0.39% against the USD and closed at 1.3349 on Friday.

In economic news, UK’s Markit manufacturing PMI sector unexpectedly rose to a level of 54.4 in May.
Markets had anticipated the index to drop to a level of 53.5. In the prior month, the PMI registered a reading of 53.9.

In the Asian session, the pair is trading at 1.337, with the GBP trading 0.16% higher against the USD from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.3290 and a fall through could take it to the next support level of 1.3211; Meanwhile, the pair is expected to find its first resistance at 1.3413, and a rise through could take it to the next resistance level of 1.3457.

Trading trend in the Pound today is expected to be determined by UK’s construction PMI data for May, scheduled to release in a while.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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COZfx: Crude Oil trading on a weaker footing this morning

COZforex: For the past trading session, Crude Oil rose 1.32% against the USD and closed at USD66.98 per barrel.

However, gains in crude prices were limited, as investors were grappled with concerns that major oil producers such Saudi Arabia and Russia would boost crude production.

Separately, on Friday, Baker Hughes reported that the US oil rig count rose by 15 to 859 in the week ended 25 May.

In the Asian session, the pair is trading at 66.77, with oil trading 0.31% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 66.10 and a fall through could take it to the next support level of 65.44; Meanwhile, the oil is expected to find its first resistance at 67.33, and a rise through could take it to the next resistance level of 67.90.

Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.


(COZ forex UK)
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free forex trading signals sms From the best free forex trading signals provider offers free USD CHF trading signals and USD JPY TRADING SIGNALS FREE LIVE




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For this reason, the free forex trading signals Forex recommendation Provider Gold Pattern recommends buying the usd chf as long as the pair is above 0.9860
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COZfx: Japanese Yen trading a tad higher this morning

COZforex: For the past trading session, the USD declined 0.05% against the JPY and closed at 110.93.

In the Asian session, the pair is trading at 110.90, with the USD trading slightly lower against the JPY from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 110.71 and a fall through could take it to the next support level of 110.51; Meanwhile, the pair is expected to find its first resistance at 111.25, and a rise through could take it to the next resistance level of 111.59.

Going ahead, Japan’s flash Nikkei manufacturing PMI for May, set to release overnight, will garner significant amount of market attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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COZfx: Switzerland’s producer & import prices rebounded in April

COZforex: For the past trading session, the USD rose 0.05% against the CHF and closed at 1.0009.

On the data front, Switzerland producer and import price index rose 0.4% on a monthly basis in April, after registering a fall of 0.2% in the previous month.

In the Asian session, the pair is trading at 1.0003, with the USD trading 0.06% lower against the CHF from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CHF is expected to find support at 0.9977 and a fall through could take it to the next support level of 0.9952; Meanwhile, the pair is expected to find its first resistance at 1.0035, and a rise through could take it to the next resistance level of 1.0068.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.


(COZ forex UK)
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  1. more than a month ago
  2. Commercial Forum
  3. # 7
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COZfx: Canada’s housing starts eased above expectations in April

COZforex: For the past trading session, the USD rose 0.52% against the CAD and closed at 1.2952.

The Canadian Dollar lost ground against the USD, after Canada’s seasonally adjusted housing starts declined more-than-estimated to a level of 214.4K in April, compared to a level of 225.2K in the prior month, while markets were anticipating housing starts to fall to 220.0K.

In the Asian session, the pair is trading at 1.2957, with the USD trading marginally higher against the CAD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/CAD is expected to find support at 1.2899 and a fall through could take it to the next support level of 1.284; Meanwhile, the pair is expected to find its first resistance at 1.3007, and a rise through could take it to the next resistance level of 1.3056.

Later in the day, market participants would eye Canada’s building permits data for March.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


(COZ forex UK)
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  1. more than a month ago
  2. Commercial Forum
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COZfx: Euro trading higher, ahead of Euro-zone’s crucial GDP numbers

COZforex: For the past trading session, the EUR declined 0.76% against the USD and closed at 1.1989.

Macroeconomic data released in the US indicated that the ISM manufacturing activity index declined more-than-anticipated to a level of 57.3 in April, hitting a 9-month low level and pointing towards some moderation in the nation’s economic activity. In the previous month, the index had registered a reading of 59.3, while market participants had expected for a drop to a level of 58.5. On the other hand, the nation’s final Markit manufacturing PMI advanced to a level of 56.5 in April, meeting the preliminary print. In the prior month, the PMI had registered a reading of 55.6.

In other economic news, the nation’s construction spending unexpectedly retreated 1.7% on a monthly basis in March, dropping by the most in 11 months. Construction spending had registered a revised gain of 1.0% in the previous month, while markets were anticipating for an advance of 0.5%.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1966 and a fall through could take it to the next support level of 1.1926; Meanwhile, the pair is expected to find its first resistance at 1.2062, and a rise through could take it to the next resistance level of 1.2118.

Going ahead, market participants would keep a close watch on the Euro-zone’s flash 1Q GDP numbers as well as unemployment rate data for March, both due to release in a few hours. Also, the release of final Markit manufacturing PMI for April across the Euro-zone will be on investors’ radar. Later in the day, traders would focus on the US Federal Reserve’s (Fed) monetary policy meeting for clues on the central bank’s near-term monetary policy intentions. Moreover, the release of US ADP employment change data for April, will keep investors on their toes.


(COZ forex UK)
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  1. more than a month ago
  2. Commercial Forum
  3. # 9
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  1. more than a month ago
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