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In the Zone
- GBPUSD
- NZDUSD
- USDCAD
Market Insight Commentary – Forex
Today's News Headlines
- After a disappointing day for the USDCAD, the US reiterated that the NAFTA should be finalized in the next couple of weeks.
Market Insight Commentary – Indices
Market Recap
The day centred on the Bank of Canada, the recent move in the USDCAD was overdone and there was a feeling that the market had been pricing in an interest rate hike. The BOC then left rates on hold and to add wood to the fire, Governor Poloz was more dovish than what was expected and the CAD then started to tumble. I suppose that this should have expected though considering the extent of the move last week.
The USDCAD moved from 1.2530 to 1.2660 in no time and this took the price above the 200 hour MA at 1.2620. The pair did start to recover somewhat in the evening session but that 1.2620 level will become key this morning. Staying above is more bullish while staying below will see this pair become bearish on the day.
The GBUSD was the other big mover, much like the CAD this pair had enjoyed somewhat of a technical break on Monday. It probably needed a little bit of a relief rally in truth, and the weaker inflation data was the catalyst for this move. The pair traded below the major level of 1.4240 and currently sits slightly lower than this level. Make or break levels come at 1.4200 today.
Important Economic Data Due Today
10:30GBP Retail Sales
Consensus:-0.5%
Effect:Higher than expected is good for the GBP
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