This time, the CAD Retails numbers are expected to report positive data to the prior negative numbers. Loonie continued to remain subdued within the range of 1.3282/1.3402 levels since April 1.
The loonie pair maintained yesterday’s uptrend breaking the strong resistance line near 1.3372 levels. The upward movement observed in the USD/CAD was due to a severe pullback in the crude prices. And, the commodity-linked loonie pair rose as it follows an inverse relationship with the oil rates.
Last day, the EIA had reported a decline in the US Oil inventories which brought down the crude prices. Today, the Crude Oil WTI Futures tumbled 0.68 percent from the day’s high of $63.88 per barrel. In the meanwhile, the OPEC-led supply, US sanctions on Iran & Venezuela continue to pressurize crude prices.
US-Sino trade war will approach complete settlements sooner within this month, elevating the global investor sentiment. Demand-side for crude remains higher from China, keeping up the crude tempo.
The US census bureau will publish the following data for March:
The US Department of Labor will broadcast the following reports:
The Federal Reserve Bank of Philadelphia will release the Fed Manufacturing Survey for April.
The analyst expects a 31.7 percent decrease in the previous 13.7 points.
The Markit Economics will broadcast the following April Purchasing Managers Indexes (PMI):
The EIA will release the Natural Gas Storage Change since 12 April with prior change as 25 Billion.
The USD/CAD was taking rounds near the upper region of the Bollinger Bands (BB) showing some bullish trends. Nevertheless, on the upside, the pair had tried hard to breach the strong 1.3402 resistance thrice this month. On the lower side, the pair remained cushioned near the support line of 1.3282 levels. The significant 100-days and 200-days SMA remained at a higher level than the loonie revealing strong uptrend.
Nik has extensive experience as an Analyst, Trader and Financial Consultant for Global Capital Markets. His vision is to generate Highest, Consistent and Sustained Risk-Adjusted Returns for clients over long term basis and providing them world-class investment advisory services.