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Daily Report: Canadian Dollar Tumbled on Data and BoC CommentsCanadian dollar tumbled sharply overnight and hit a three year low against the greenback after weak trade and PMI data. Also weighing on the Loonie was comments from BoC governor Poloz. Poloz said in an interview that the central bank would be "holding rates where they are until the data flow changes our mind" to minimize the risks of making a "big mistake". Finance minister Flaherty said during the weekend that there was calls from OECD and IMF for Canada to hike rates. But Poloz said he's not worried by those international calls for rate hikes. Meanwhile, he also noted that he's worried about inflation under-performing. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0684; (P) 1.0732; (R1) 1.0814; More... USD/CAD soared through 1.0736 resistance and reaches as high as 1.0793 so far. The up trend from 0.9633 has resumed. And intraday bias is back on the upside for further rise. But again, we'd expecting strong resistance from 1.0803 long term retracement level to bring reversal. Below 1.0731 minor support will turn bias back to the downside for 1.0588 support and break will confirm topping. However, sustained break of 1.0803 will invalidate our view and extend the larger rally. |
| 2014 Elliott Wave Forecast |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency found buying interest at 1.3610 again in European session and has rebounded but sell orders are still noted at 1.3650-55 (stops above 1.3660) and 1.3675-80 (stops above), more selling interest is located at 1.3700 and in good size at 1.3725-30 with stops placed above 1.3750 and 1.3780. On the downside, buy orders (fair size) remain at 1.3600-10 and at 1.3570-75, more bids are expected at 1.3550 and 1.3525-30 with bigger stops building up below 1.3520, fresh demand should emerge around 1.3500 and further out at 1.3485. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CAD - Hold long entered at 1.0650The greenback did find renewed buying interest at 1.0641 in yesterday's late trade (we recommended to buy at 1.0650 in our previous update) and has risen again, retaining our bullishness and a retest of recent high of 1.0737 is likely, however, break there is needed to confirm the upmove from 1.0182 low (wave (c) bottom) has resumed, bring further gain to 1.0750-55 Trade Idea: EUR/GBP - Buy at 0.8260Euro's near term sideways trading is likely to continue and reckon resistance at 0.8332 would limit upside, near term risk remains for the fall from 0.8467 to extend marginal weakness, however, as broad outlook is still consolidative, reckon previous support at 0.8252 would hold and bring another rebound, above 0.8332-35 would suggest low is possibly formed and bring a stronger rebound to 0.8373 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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