USD/CAD, H1
Prime Minister Justin Trudeau is projected to have won yesterday’s federal election, but he failed to get the majority he hoped to secure when he called the snap election last month. With a record number of mail ballots still to be counted projections currently suggest a nearly unchanged composition in parliament, with Trudeau set to lead a minority government once again for a record third term.
The Canadian Dollar (Loonie) has been the best performing of the major currencies on the back of the political outcome, CADJPY was up close to +0.90% earlier but has trimmed its gain to +0.67%, whilst USDCAD trades at 1.2760 down some -0.46% today. The reverse lower today follows the rally amid yesterday’s risk-off positioning theme, which boosted demand for the US Dollar while undermining the Loonie via weaker oil and other commodity prices. The pair earlier pegged a two-day low at 1.2740, extending the quite-sharp correction from yesterday’s one-month peak at 1.2896.
Oil prices have today recouped most of the steep decline that was seen yesterday. USOil is trading at $70.50 per barrel, and UKOil $74.55 as sentiment improved with stock markets. The UAE’s energy minister meanwhile said OPEC+’s output plan is working and Russia suggested output may be back to near its post Soviet high next year.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price lacks firm intraday direction, holds steady above $2,300 ahead of US data
Gold price remains confined in a narrow band for the second straight day on Thursday. Reduced Fed rate cut bets and a positive risk tone cap the upside for the commodity. Traders now await key US macro data before positioning for the near-term trajectory.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.