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In the Zone
- USDCAD
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Market Insight Commentary – Forex
Today's News Headlines
- Canada emphasized that US tariffs are unacceptable and that there will be a retaliation, with similar views coming from the rest of the world, has Donald Trump pushed the world too far? This decision could come and bit the US in the behind.
Market Insight Commentary – Indices
Market Recap
The fickle nature of Donald Trump has once again caused great volatility in the market, the global had seemed to avoid the potential of a trade war – yesterday it seems back on. The US announced tariffs against the EU, Canada and Mexico that will be effected today, this time though the response has been emphatic and there will be counter measures – Canada went as far as to outline their strategy which looks like a dollar for dollar retort. It seems as though Canada were prepared for this, if the US wanted a trade war it would definitely seem as though they have one.
The USDCAD had already begun a little bit of weakening on the news of an extremely weak GDP number and the move was by over 100 pips. This leaves this pair trading near a very big resistance level of 1.2955 and this would be a good place for sellers to lean against, the tariffs outlined on US steel and aluminium was clinically delivered yesterday and they seem to have the support of the rest of the world – a short trade could be on the cards today.
Global politics seems to be in a really bad place at the moment and market volatility is high – remain cautious.
Important Economic Data Due Today
14:30 USD Average Hourly Earnings
Consensus: 0.2%
Effect: Higher than expected is good for the USD
14:30 USD Non-Farm Employment Change
Consensus: 189K
Effect: Higher than expected is good for the USD
14:30 USD Unemployment Rate
Consensus: 3.9%
Effect: Lower than expected is good for the USD
16:00 USD ISM Manufacturing PMI
Consensus: 58.3
Effect: Higher than expected is good for the USD
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