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Daily Report: Yen Rebounds on Renewed Nuclear Concern, UK CPI, BoC in FocusThe Japanese yen rebounds broadly as Asian equities are pressured by news that Japan raised the crisis level of the Fukushima Daiichi nuclear power plant to match the same level as the 1986 Chernobyl disaster, i.e. , level 7. An official that the amount of radiation released was only about one tenth of that from Chernobyl. But the plant operator didn't rule out the possibility of eventually exceeding that from Chernobyl. Nikkei is down -1.69% and drags Asian stocks broadly lower. Receding risk appetite sends crude oil below 109 level and gold below 1460. Dollar index gets a lift and is back above 75 level and the greenback is also mildly higher except versus the yen. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9542; (P) 0.9560; (R1) 0.9582; More. USD/CAD's break of 0.9623 minor resistance indicates that a short term bottom is in place with bullish convergence condition in 4 hours MACD. Intraday bias is mildly on the upside for stronger recovery to 0.9666 support turned resistance. But upside should be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption. Below 0.9525 will target 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. |
| Special Reports |
BOC To Leave Rates At 1% Despite More Hawkish StatementThe Bank of Canada will leave the policy rate unchanged at 1% for a 7th month on Tuesday. Yet, the accompanying statement will likely be slightly more hawkish than the previous one given signs of strong domestic growth and rising inflationary pressures. The BOC will weigh growth and inflation against appreciation in Canadian dollar, as well as uncertainties in Japan and the MENA region in deciding to stand on the sideline in April. We expect the central bank to resume tightening in June. |
| Economic Indicators Update |
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Trade Idea: USD/JPY – Sell at 84.20Intra-day selloff after breaking yesterday's low at 84.51 confirms top has been formed at 85.53 last week and although price has recovered from 83.47, reckon upside would be limited to the Kijun-Sen (now at 84.17) and bring another decline, break of said support would bring a stronger retracement of recent rise from 76.25 to previous resistance at 83.22, then towards 83.02 (50% Fibonacci retracement of 80.51 to 85.53) Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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