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Mid-Day Report: CAD Soars on Strong CPI, EUR Rebounds on Greece Auction and DataCanadian dollar soars today after much stronger than expected inflation data. Headline CPI accelerated from 2.2% yoy to 3.3% yoy in March, highest reading since September 2008. BoC core CPI also jumped from 0.9% yoy to 1.7% yoy. The data fueled speculations that BoC may raise rates a bit sooner than expected. Currently markets are expecting BoC to stand pat in Q2 and resume rate hike in Q3. Also released from Canada, leading indicators rose 0.8% mom in march, wholesales dropped -0.6% mom in February. From US, building permits rebounded strongly to 594k annualized rate in March while house starts rebounded to 549k. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9576; (P) 0.9648; (R1) 0.9712; More. USD/CAD's sharp fall and break of 0.9587 minor support suggests that recovery from 0.9525 is already completed at 0.9720. Intraday bias is back on the downside for 0.9525 first. Break will confirm down trend resumption for 100% projection of 1.0285 to 0.9666 from 0.9972 at 0.9353. In case of more consolidation, we'd continue to expect upside to be limited below 0.9750 cluster resistance (50% retracement of 0.9972 to 0.9525 at 0.9749) and bring down trend resumption. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 0.8930Despite intra-day bounce to 0.8998, as the greenback has retreated after faltering below yesterday's high at 0.9001, suggesting consolidation would be seen and pullback the Kijun-Sen (now at 0.8953) and possibly the Ichimoku cloud bottom (now at 0.8943), however, yesterday's low at 0.8906 should hold and bring another rebound later. A break of said resistance at 0.9001 would confirm a temporary low has been formed at 0.8896 Trade Idea: EUR/JPY – Sell at 119.00Despite yesterday's selloff to 116.49, as the single currency has recovered, suggesting minor consolidation would take place and rebound to 118.50 cannot be ruled out, however, previous support at 119.26 should turn into resistance and bring another decline later. A break of said support would extend the decline from 123.33 top for a stronger retracement of recent upmove to 116.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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