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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: Loonie extends its gains in the morning session

COZforex: For the past trading session, the USD declined 0.05% against the CAD and closed at 1.3429.

In the Asian session (at GMT0300), the pair is trading at 1.3425, with the USD trading marginally 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 1.3412 and a fall through could take it to the next support level of 1.3398; Meanwhile, the pair is expected to find its first resistance at 1.3443, and a rise through could take it to the next resistance level of 1.3460.

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.


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COZFX: British Pound trading higher in the morning session

COZforex: For the past trading session, the GBP declined 0.45% against the USD and closed at 1.2952.

In the Asian session (at GMT0300), the pair is trading at 1.2962, with the GBP trading 0.08% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2922 and a fall through could take it to the next support level of 1.2881; Meanwhile, the pair is expected to find its first resistance at 1.3022, and a rise through could take it to the next resistance level of 1.3081.

Moving ahead, traders would closely monitor UK’s ILO unemployment rate and average weekly earnings, both for March, set to release in a few hours.

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


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COZFX: Japan’s Nikkei services PMI declined in April

COZforex: For the past trading session, the USD declined 0.48% against the JPY and closed at 110.25.

In the Asian session (at GMT0300), the pair is trading at 110.04, with the USD trading 0.19% lower against the JPY from yesterday’s close.

The minutes of the Bank of Japan’s March monetary policy meeting revealed that members saw no immediate need to expand an already massive stimulus programme and warned of heightening risks to Japan’s recovery. Additionally, the officials cautioned that the central bank’s prolonged ultra-loose monetary policy could impact regional banks’ profits.

Overnight data showed that Japan’s Nikkei services PMI dropped to a level of 51.8 in April, following a reading of 52.0 in the prior month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/JPY is expected to find support at 109.72 and a fall through could take it to the next support level of 109.41; Meanwhile, the pair is expected to find its first resistance at 110.60, and a rise through could take it to the next resistance level of 111.17.

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

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


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COZFX: Swiss Franc trading a tad higher in the Asian session

COZforex: For the past trading session, the USD declined 0.10% against the CHF and closed at 1.0191 on Friday.

In the Asian session (at GMT0300), the pair is trading at 1.0187, with the USD trading a tad lower against the CHF 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 1.0168 and a fall through could take it to the next support level of 1.0150; Meanwhile, the pair is expected to find its first resistance at 1.0221, and a rise through could take it to the next resistance level of 1.0256.

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: 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.


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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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