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In the Zone
- EURUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- Canada gave us a small peak into what its deteriorating relationship with the current White House Administration. When it stated that dealing with the US is like dealing with someone that continually changes the terms – this could get nasty.
Market Insight Commentary – Indices
Market Recap
Donald Trump was rather active on his twitter account yesterday as well as over the weekend sending a warning to the EU that further tariffs on goods will be imposed if the region were to retaliate with tariffs on US goods. Just when you think that Trump is starting to get to grips with being a president, he shows his ignorance again, he would be a fool to think that the rest of the world would not retaliate. I stand by my comments when I said that the US will lose a trade war, and I suspect that it could also turn ugly because of Trumps arrogance.
The CAD continues to be the currency that everyone is hesitant to trade, the steel tariff continues to weigh on this pair and the USDCAD traded to its highest level in almost over a year – breaking higher than a triple top region. Yesterday’s resistance area of 1.2925 becomes the key support area today, sellers will be looking at the 1.3000 level as a target for short entries.
This is a pretty tough trading environment at present, there are a lot of uncorrelated trading pairs at present. I like to revert to a longer time frame and stick to the basics.
Important Economic Data Due Today
20:15 GBP MPC Member Haldane Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
23:15 AUD RBA Governor Lowe Speaks
Consensus: None
Effect: More hawkish than expected is good for the AUD
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