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Mid-Day Report: CAD Pares Gain after BoC, Sterling Jumps on Solid DataCanadian dollar pares some gains in early US session after BoC left rates unchanged at 1.00% as widely expected. The overall tone of the statement was unchanged, noting risks associated with sovereign debt crisis in Europe and strength in strength in commodity prices. Also, the bank noted challenges from strength in the Canadian dollar as well as the country's poor relative productivity performance. After all, the bank believes, the current monetary policy is "consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada" Also, "any further reduction in monetary policy stimulus would need to be carefully considered." |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9686; (P) 0.9738; (R1) 0.9766; More. USD/CAD dips further to as low as 0.9683 in early US session before recovering mildly. Nevertheless, with 0.9757 minor resistance intact, intraday bias remains on the downside. As noted before, daily MACD has broken recent up trend line, which suggests that USD/CAD is building up downside momentum again. Current fall would now target 161.8% projection of 1.0851 to 1.0138 from 1.0671 at 0.9517 next. On the upside, above 0.9757 minor resistance will turn bias neutral and bring consolidations. But break of 0.9836 support turned resistance is needed to be the first sign of bottoming. Otherwise, outlook will remain bearish. |
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RBA On Hold, Sees Only Moderate Inflationary PressureAs widely expected, the RBA kept the cash rate unchanged at 4.75% as inflation remained contained. The accompanying statement delivered a neutral tone as policymakers see balanced risks to growth and inflation outlook. For the first time in the current tightening cycle, the RBA stated that the current stance of monetary policy is 'mildly restrictive'. Yet it remained 'appropriate in view of the general macroeconomic outlook'. |
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Trade Idea Update: USD/CHF – Sell at 0.9390Dollar's intra-day rebound to 0.9323 suggests near term sideways consolidation above last week's low at 0.9229 would take place and mild upside bias is seen for retracement to 0.9375/80 (38.2% Fibonacci retracement of 0.9506 to 0.9229) but renewed selling interest should emerge below resistance at 0.9392, bring another decline later. A break of said support at 0.9229 would confirm recent downtrend has resumed and extend weakness to 0.9182 Trade Idea: USD/CAD – Sell at 0.9830Although the greenback has recovered after intra-day fall to 0.9684 and consolidation above this level with mild upside bias is seen for retracement to 0.9785/90, renewed selling interest should emerge around 0.9820/30 and bring another decline later. A break of said support would extend recent downtrend to 0.9650 and possibly towards 0.9600 but near term oversold should limit downside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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