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  3. Wednesday, 24 May 2017
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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.


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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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  1. one week ago
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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.


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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.


(COZ forex UK)
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  1. more than a month ago
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COZFX: Loonie trading on a stronger footing in the morning session

COZforex: For the past trading session, the USD declined 0.55% against the CAD and closed at 1.3231.

In the Asian session (at GMT0400), the pair is trading at 1.3201, with the USD trading 0.23% lower 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 1.3166 and a fall through could take it to the next support level of 1.3131; Meanwhile, the pair is expected to find its first resistance at 1.3266, and a rise through could take it to the next resistance level of 1.3331.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

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


(COZ forex UK)
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COZfx: The BoE left its interest rate unchanged at 0.75%

COZforex: For the past trading session, the GBP rose 0.15% against the USD and closed at 1.2950.

On the macro front, UK’s Halifax house price index advanced 0.8% on a yearly basis in the three months ended January 2019, falling short of market anticipation for a rise to a level of 1.5%. In the October-December 2018 period, the index had recorded a jump of 1.3%.

The Bank of England, in its latest monetary policy meeting, kept its interest rate steady at 0.75%, as widely expected. The central bank trimmed its GDP outlook to 1.2% from 1.7% in 2019 citing uncertainty over Brexit. Growth projections for 2020 was also lowered to 1.5%, while the growth outlook for 2021 was raised to 1.9%.

In the Asian session (at GMT0400), the pair is trading at 1.2948, with the GBP trading a tad lower against the USD from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: GBP/USD is expected to find support at 1.2869 and a fall through could take it to the next support level of 1.2791; Meanwhile, the pair is expected to find its first resistance at 1.3011, and a rise through could take it to the next resistance level of 1.3075.

Moving ahead, investors would closely monitor UK’s gross domestic product, trade balance data, industrial production and manufacturing production, slated to release next week.

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


(COZ forex UK)
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COZfx: Japanese Yen trading lower in the morning session

COZfx: For the past trading session, the USD is trading flat against the JPY and closed at 109.57.

In the Asian session (at GMT0400), the pair is trading at 109.84, with the USD trading 0.25% higher against the JPY from yesterday’s close.

Overnight data showed that, in Japan, the Tokyo consumer price index rose 0.4% on an annual basis in January, compared to a rise of 0.3% in the prior month.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 109.55 and a fall through could take it to the next support level of 109.26; Meanwhile, the pair is expected to find its first resistance at 110.00, and a rise through could take it to the next resistance level of 110.16.

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


(COZ forex UK)
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COZfx: Switzerland’s producer and import price index rose less-than-estimated in December

COZforex: For the past trading session, the USD rose 0.17% against the CHF and closed at 0.9954 on Friday.

On data front, Switzerland’s producer and import price index climbed 0.6% on an annual basis in December, undershooting market expectations for an advance of 1.0%. In the prior month, the index had recorded a rise of 1.4%.

In the Asian session (at GMT0400), the pair is trading at 0.9950, with the USD trading slightly lower against the CHF from Friday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: USD/CHF is expected to find support at 0.9935 and a fall through could take it to the next support level of 0.9920; Meanwhile, the pair is expected to find its first resistance at 0.9962, and a rise through could take it to the next resistance level of 0.9974.

Moving ahead, traders would keep an eye on Switzerland’s M3 money supply for December along with total sight deposits, slated to release in a few hours.

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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COZfx: Crude oil trading lower, ahead of API’s weekly crude oil stockpiles data

COZforex: For the past trading session, Crude Oil rose 0.93% against the USD and closed at USD48.76 per barrel, amid optimism over US-China trade talks and on support from OPEC production cuts. Adding to the positive sentiment, a report revealed that Saudi Arabia is planning to reduce its crude exports to around 7.1 million barrels per day by the end of January.

In the Asian session (at GMT0400), the pair is trading at 48.61, with oil trading 0.31% lower 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 48.02 and a fall through could take it to the next support level of 47.42; Meanwhile, the pair is expected to find its first resistance at 49.50, and a rise through could take it to the next resistance level of 50.38.

Crude oil is trading between its 20 Hr and 50 Hr moving averages.


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