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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: Australia’s unemployment rate climbed in March

COZforex: For the past trading session, the AUD rose 0.14% against the USD and closed at 0.7174.

In commodities, LME Copper prices rose 0.8% or $49.0/MT to $6509.0/MT; Meanwhile, Aluminium prices rose 0.1% or $1.5/MT to $1840.5/MT.

In the Asian session (at GMT0300), the pair is trading at 0.7182, with the AUD trading 0.11% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted unemployment rate climbed to 5.0% in March, at par with market expectations. In the preceding month, unemployment rate had registered a rate of 4.9%. Meanwhile, the nation’s NAB business confidence index slid to a level of -1.0 in 1Q 2019, following a reading of 1.0 in the prior quarter.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7161 and a fall through could take it to the next support level of 0.7139; Meanwhile, the pair is expected to find its first resistance at 0.7205, and a rise through could take it to the next resistance level of 0.7227.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


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COZFX: Crude oil trading flat in the Asian session

COZforex: For the past trading session, Crude Oil rose 0.36% against the USD and closed at USD64.37 per barrel.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 7.03 million barrels to 456.6 million barrels in the week ended 05 April 2019.

In the Asian session (at GMT0300), the pair is trading at 64.37, with oil trading flat against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 64.05 and a fall through could take it to the next support level of 63.72; Meanwhile, the pair is expected to find its first resistance at 64.70, and a rise through could take it to the next resistance level of 65.02.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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COZFX: Crude oil trading flat in the Asian session

COZforex: For the past trading session, Crude Oil rose 0.36% against the USD and closed at USD64.37 per barrel.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose 7.03 million barrels to 456.6 million barrels in the week ended 05 April 2019.

In the Asian session (at GMT0300), the pair is trading at 64.37, with oil trading flat against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 64.05 and a fall through could take it to the next support level of 63.72; Meanwhile, the pair is expected to find its first resistance at 64.70, and a rise through could take it to the next resistance level of 65.02.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)
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COZFX: Germany’s factory orders unexpectedly declined to a two-year low level in February

COZforex: For the past trading session, the EUR declined 0.19% against the USD and closed at 1.1222, on the back of dismal German factory orders data.

Data showed that Germany’s seasonally adjusted factory orders unexpectedly declined to a two-year low level of 4.2% on a monthly basis in February, amid a slump in foreign demand and defying market consensus for a gain of 0.3%. In the preceding month, factory orders had recorded a drop of 2.6%.

Meanwhile, the nation’s construction PMI advanced to a level of 55.6 in March, following a reading of 54.7 in the previous month.

In the US, data showed that seasonally adjusted initial jobless claims surprisingly fell to a level of 202.0K in the week ended 30 March 2019, hitting its lowest level in almost 50 years and confounding market expectations for a rise to a level of 215.0K. In the prior week, initial jobless claims had recorded a revised level of 212.0K.

In the Asian session (at GMT0300), the pair is trading at 1.1225, with the EUR trading marginally higher against the USD from yesterday’s close.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1205 and a fall through could take it to the next support level of 1.1184; Meanwhile, the pair is expected to find its first resistance at 1.1247, and a rise through could take it to the next resistance level of 1.1268.

Going ahead, traders would await Germany’s industrial production for February, set to release in a few hours. Later in the day, the US non-farm payrolls, unemployment rate and average hourly earnings, all for March, will pique significant amount of investors’ attention.

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


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COZFX: Loonie trading on a stronger footing this morning

COZforex: For the past trading session, the USD declined 0.54% against the CAD and closed at 1.3363 on Friday.

The Canadian dollar rose against the US dollar, following stronger than expected growth in Canada’s gross domestic product.

In economic news, Canada’s GDP climbed more than market consensus by 0.3% on a monthly basis in January, amid growth in construction and manufacturing sectors. In the previous month, GDP had recorded a drop of 0.1%.

In the Asian session (at GMT0300), the pair is trading at 1.3345, with the USD trading 0.13% lower against the CAD from Friday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.3310 and a fall through could take it to the next support level of 1.3276; Meanwhile, the pair is expected to find its first resistance at 1.3411, and a rise through could take it to the next resistance level of 1.3478.

Looking forward, investors would keep a close watch on Canada’s leading indicator for February and the RBC manufacturing PMI for March, scheduled to release later in the day.

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


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COZfx: Japan’s machinery orders declined at its fastest pace in four months in January

COZforex: For the past trading session, the USD slightly rose against the JPY and closed at 111.31.

In the Asian session (at GMT0400), the pair is trading at 111.25, with the USD trading 0.05% lower against the JPY from yesterday’s close.

Overnight data showed that, Japan’s machinery orders eased 2.9% on a yearly basis in January, declining at its quickest pace in four months and more than market expectations for a fall of 2.1%. In the prior month, machinery orders had recorded a climb of 0.9%.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 111.08 and a fall through could take it to the next support level of 110.92; Meanwhile, the pair is expected to find its first resistance at 111.44, and a rise through could take it to the next resistance level of 111.64.

In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


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COZfx: Swiss Franc reverses its losses in the Asian session

COZforex: For the past trading session, the USD rose 0.06% against the CHF and closed at 1.0051.

In the Asian session (at GMT0400), the pair is trading at 1.0044, with the USD trading 0.07% 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 1.0032 and a fall through could take it to the next support level of 1.0020; Meanwhile, the pair is expected to find its first resistance at 1.0056, and a rise through could take it to the next resistance level of 1.0068.

Moving ahead, investors would closely monitor Switzerland’s unemployment rate for February, scheduled to release in a while.

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


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COZfx: Aussie extends its losses in the Asian session

COZforex: For the past trading session, the AUD declined 0.62% against the USD and closed at 0.7099.
In commodities, LME Copper prices rose 0.1% or $3.0/MT to $6536.0/MT; Meanwhile, Aluminium prices declined 0.3% or $5.5/MT to $1893.0/MT.

In the Asian session (at GMT0400), the pair is trading at 0.7094, with the AUD trading 0.07% lower against the USD from yesterday’s close.

Overnight data showed that, in Australia, the CBA manufacturing PMI dropped to a level of 52.9 in February, compared to a reading of 53.1 in the previous month. However, the AIG performance of manufacturing index registered a rise to 54.0 in February. In the prior month, the index had recorded a level of 52.5.

Elsewhere in China, Australia’s largest trading partner, the Caixin/Markit manufacturing PMI contracted to a level of 49.9 in February, higher than market consensus for a gain to a level of 48.5. The PMI had registered a level of 48.3 in the previous month.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7070 and a fall through could take it to the next support level of 0.7045; Meanwhile, the pair is expected to find its first resistance at 0.7134, and a rise through could take it to the next resistance level of 0.7173.

Going forward, traders would closely monitor Australia’s building approvals, CBA services PMI,
trade balance data and retail sales along with the Reserve Bank of Australia’s interest rate decision, all scheduled to release next week.

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


(COZ forex UK)
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COZFX: Crude oil reverses its gains in the Asian session

COZforex: For the past trading session, Crude Oil rose 0.70% against the USD and closed at USD57.20 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 4 to 853 in the week ended 22 February 2019.

In the Asian session (at GMT0400), the pair is trading at 57.10, with oil trading 0.17% lower against the USD from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 56.67 and a fall through could take it to the next support level of 56.25; Meanwhile, the pair is expected to find its first resistance at 57.67, and a rise through could take it to the next resistance level of 58.23.

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


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COZFX: Euro extends its losses in the Asian session

COZforex: For the past trading session, the EUR declined 0.05% against the USD and closed at 1.1312.

In the Asian session (at GMT0400), the pair is trading at 1.1296, with the EUR trading 0.14% lower against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: EUR/USD is expected to find support at 1.1282 and a fall through could take it to the next support level of 1.1268; Meanwhile, the pair is expected to find its first resistance at 1.1322, and a rise through could take it to the next resistance level of 1.1348.

Moving ahead, investors would closely monitor Euro-zone’s construction output and current account balance, both for December along with Germany’s ZEW survey indices for February, scheduled to release in a few hours. Later in the day, the US NAHB housing market index for February, will pique significant amount of investors’ attention.

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


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