| Action Insight Weekly Report | Markets Snapshot |
Risk Rally to Hit Important Resistance This Week, Reverse?
Risk appetite extended with some persistence last week, sending the dollar broadly lower against major currencies. Downgrades of some peripheral European sovereign ratings were shrugged off as the focus was on developments in formulating the bank recapitalization plan. There was additional optimism that G20 will back increasing IMF lending capital to help tackle the European debt crisis. After all, sentiments were generally lifted by expectations that the European debt crisis would finally be solved. DOW had a week of solid rally and closed at 11644 while S&P 500 also closed strongly at 1224. Both are now close to key near term resistance level of 11716/11862 and 1230/50 respectively. FTSE 100 took out equivalent level of 5449 to close at 5466 while DAX is also back pressing 6000 psychological level. Dollar index suffered and extended the fall from near term high of 79.93 to close at 76.62.
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| Featured Technical Report |
USD/CAD Weekly Outlook
USD/CAD's fall from 1.0656 short term bottom extended further to as low as 1.0096 last week. Initial bias remains on the downside this week for 50% retracement of 0.9406 to 1.0656 at 1.0031. But we're expect strong support from there, which is close to 1.0009 support, parity and 55 days EMA (now at 1.0039) to contain downside and bring rebound. Above 1.0272 minor resistance will suggest that pullback from 1.0656 is finished and flip bias back to the upside for retesting this high.
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