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Mid-Day Report: Canadian Dollar Maintain Gains after BoC, Supported by OilCanadian dollar maintains gain in early US session after BoC left rates unchanged, and with help from rise in crude oil prices. BoC kept the overnight target rate at 1.00% as widely expected, with bank rate and deposit rates unchanged at 1.25% and 0.75% respectively. The bank noted that "global economic recovery is proceeding broadly as expected" and so was in Canada. The GDP growth of annualized 3.9% in Q1 "continued strong business investment, smaller contributions from household and government spending, and a modest drag from net exports". Underlying inflation is still "relatively subdued" while headline CPI is expected to climb to above 3% in near term but convergence with core inflation at 2% by middle of 2012. BoC finally noted that "considerable monetary policy stimulus currently in place will be eventually withdrawn" but "such reduction would need to be carefully considered." So basically, BoC continues to lean towards tightening bias but the next time would unlikely happen in near term. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9751; (P) 0.9769; (R1) 0.9787; More. USD/CAD's fall from 0.9815 accelerates to as low as 0.9667 in early US session and intraday bias is cautiously on the downside for 0.9640 minor support. Break there will confirm that whole rebound from 0.9444 has completed and deeper decline should then be seen to retest this low next. On the upside, above 0.9727 minor resistance will turn bias neutral and bring recovery. But break of 0.9815 is needed to confirm rise resumption. Otherwise, risk of another fall will remain. |
| Special Report |
BOC To Deliver Same Dovish Tone As In Early May, No Change In Policy Stance In JuneWhile the June BOC meeting will likely be a non-event (i.e.: the policy rate will stay at 1% while corresponding Bank Rate and Deposit Rate will remain at 1.25% and 0.75% respectively), the market focus is on whether Governor Mark Carney will hint on a rate hike in the next month. We expect the post-meeting statement will remain dovish, a similar tone as the speech the Governor delivered earlier this month. |
| Economic Indicators Update | The Traders Expo provides a chance to take a productive step back from the trading screen and look at the overall markets from a broader perspective. Join your fellow traders at The Traders Expo Dallas and experience it for yourself. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Sell at 0.8595As the greenback has continued to edge higher after rebounding from 0.8476, retaining our view that further consolidation above recent low at 0.8457 would take place and mild upside bias remains for retracement to 0.8591-93 (current level of the Ichimoku cloud top and 38.2% Fibonacci retracement of 0.8814 to 0.8457), however, renewed selling interest should emerge there, bring another decline. Trade Idea: AUD/USD –Buy at 1.0600Despite intra-day brief rise to 1.0757, as aussie has just retreated, suggesting consolidation below this level would be seen and pullback to 1.0590/00 cannot be ruled out before prospect of another rally. A break of said resistance would extend gain to indicated upside target at 1.0793 (61.8% Fibonacci retracement of 1.1012-1.0440) but a sustained breach of this level is needed to confirm correction from 1.1012 top has ended at 1.0440 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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