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Mid-Day Report: CAD Tumbles on CPI and Retail Sales, Euro Lower on Bundesbank ReportCanadian dollar is sharply lower in early US session after data showed tamer than expected inflation. Headline CPI rose 0.3% mom 3.3% yoy in April, below expectation of 0.5% mom, 3.3% yoy. BoC CPI core moderated from 1.7% yoy to 1.6% yoy. Also, retail sales were disappointing with headline sales flat in March while ex-auto sales dropped 0-0.1% mom. Markets expected 0.9% mom rise and 0.7% mom rise respectively. BoC Governor Carney has made it clear that any further rate hike would be "carefully considered" and today's data supports BoC to be on hold for a while. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9648; (P) 0.9681; (R1) 0.9707; More. USD/CAD's strong rebound in early US session suggests that pull back from 0.9792 might have finished at 0.9640 already. Intraday bias is cautiously on the upside. Break will confirm that whole rise from 0.9444 has resumed. Note that a head and shoulder bottom bottom pattern should be formed (ls: 0.9525, h: 0.9444, rs: 0.9512) and 0.9444 might be a medium term bottom. Above 0.9792 will target key resistance at 0.9972. On the downside, though, below 0.9603 minor support will dampen the bullish case and turn focus back to 0.9444 support instead. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD –Buy at 1.6165Despite intra-day brief rise to 1.6275, as the British pound has retreated after faltering below indicated resistance at 1.6288, suggesting consolidation with mild downside bias would be seen, however, renewed buying interest should emerge around the Ichimoku cloud bottom (now at 1.6165), bring another rise later. A break of 1.6288 would confirm low has been formed at 1.6105 earlier this view and bring retracement of recent decline to next resistance at 1.6305 Trade Idea: AUD/USD –Sell at 1.0740As aussie has moved higher again after finding renewed buying interest at 1.0595 yesterday and although further gain to previous resistance at 1.0716 cannot be ruled out, reckon 1.0759 (50% Fibonacci retracement of 1.1012-1.0505) would limit upside and bring retreat later. A break of said support at 1.0595 would suggest the rebound from 1.0505 has possibly ended and bring a stronger retracement of recent upmove in c leg to previous support at 1.0440/45. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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