Frank Walbaum
FX Strategies.Asia
Important News for the day
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Wed, 11th, 14:30 CET US Consumer prices index.
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Wed, 11th, 15:45 CET CA BoC rate statement.
BoC volatility
The interest rate decision in Canada might move markets. The EURCAD currency pair might remain capped and could start downside momentum. A break of the 50- MA based on daily charts would increase the downside, while the USDCAD could be ready to even break higher. The currency pair has just broken the resistance zone based on the weekly chart. A lot will depend on the future outlook as another rate- cut for this meeting will likely be priced- in already.
Market talk
Markets remain slightly mixed, yet with risk sentiment potentially seeing a breezer in the coming days ahead. Equities remain shaky and might face a correction. The S&P 500 is heading lower and also the DAX might push to the downside for now. After a slight push to the downside Silver prices have seemingly resumed upside momentum. The price looks set to run higher again after the fall. Above the USD 32.00 zone the market might move higher. Also Gold prices have stabilized and been able to regain momentum. A potential break of the technical resistance at USD 2,700 might offer further upside. Crypto markets also look positive. Bitcoin might move higher and XRP also looks positive, again.
Tendencies in the markets
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Equities weaker, USD stronger, cryptos positive, oil sideways, Silver positive, Gold positive, JPY weaker.
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