Canadian economy sputtered at the end of 2019, recording 0.3% annualized growth in 4Q, or the weakest performance since mid-2016. One bright spot was a 0.3% month-over-month nonannualized advance in December versus November. If the Bank of Canada was "looking to GDP for a reason to cut they will not find one," says TD Securities. The firm also says its tracking indicates 1Q GDP growth in Canada will come close to the BOC's forecast of a 1.3% annualized advance.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
Friday, February 28, 2020
Thursday, February 27, 2020
forex US Dollar 2/28
The US Dollar was modestly stronger overnight. Against the Euro, it was almost unchanged at 1.0885, with the single currency being supported by the unwinding of EUR/Emerging Market carry trades. Sterling gave up its gains, falling 0.85% to 1.2895. Its support eroded by the seemingly intransigent negotiating positions of the UK and Europe ahead of trade talks starting next week. USD/JPY continued to hover around the 110.00 marks as Yen haven flows abated. With 109.50 looming as the next important support.
Over in EM, the offshore and onshore Chinese Yuan continues to be strangely quiet. Onshore Yuan has spent most of this week around 7.0150 offshore Yuan has actually quietly gained against the greenback. USD/CNH falling from 7.0600 to 7.0240. Part of this may be explained by the relatively narrow ranges of the US Dollar against the majors in recent days. The reduction in the number of daily infections in China may also be giving hope that the worst is behind the Mainland. As China returns to work, time will tell. USD/CNH though, has traced out a triple top around 7.0600 that will be challenging to break.
Over in EM, the offshore and onshore Chinese Yuan continues to be strangely quiet. Onshore Yuan has spent most of this week around 7.0150 offshore Yuan has actually quietly gained against the greenback. USD/CNH falling from 7.0600 to 7.0240. Part of this may be explained by the relatively narrow ranges of the US Dollar against the majors in recent days. The reduction in the number of daily infections in China may also be giving hope that the worst is behind the Mainland. As China returns to work, time will tell. USD/CNH though, has traced out a triple top around 7.0600 that will be challenging to break.
forex EUR/USD 2/27
Speculative investors have been betting on the euro to fall against the dollar since the start of 2020 so the pair was due to reverse recent declines, Rabobank's Jane Foley says. U.S. Commodity Futures Trading Commission data show speculators have been building up net short euro positions since the end of January while the market currently holds long dollar positions, Foley says. "Positioning and over-stretched momentum data were therefore suggesting that EUR/USD was ripe for a correction," she says. "Technical indicators suggest that EUR/USD would have to hold above resistance to the 1.0980/1.10 area for the corrective bounce to become more established." EUR/USD rises 0.8% to 1.0974, having earlier reached a 20-day high of 1.0980
The Forexmentor Live! interactive training in trading Forex includes unlimited access to the live trading classroom, detailed tutorial videos used in trading client accounts, a step-by-step guide to the LPT Method, technical analysis, detailed presentations throughout the day, live Trade Alerts, access to Professional Fund Managers, access to live news feeds in real time and so much more.Oil 2/26
Oil
Oil prices continued to stabilize after US crude oil inventories delivered a smaller than expected build. The weekly inventory increase in stockpiles was only 452,000, much less than the 1.8 million build that was eyed. Oil companies remain in the danger zone as long as WTI crude is trading in the low-$50s. Explorers and producers have over $85 billion in debt maturing between now and 2024 and they won’t be able to be profitable if oil does not stabilize soon.
This is a make-or-break moment for the oil industry and in order for higher oil prices to occur, central banks need to deliver a wrath of stimulus, OPEC + must deliver deeper production cuts next week, the global spread of the virus needs to ease.
Oil prices continued to stabilize after US crude oil inventories delivered a smaller than expected build. The weekly inventory increase in stockpiles was only 452,000, much less than the 1.8 million build that was eyed. Oil companies remain in the danger zone as long as WTI crude is trading in the low-$50s. Explorers and producers have over $85 billion in debt maturing between now and 2024 and they won’t be able to be profitable if oil does not stabilize soon.
This is a make-or-break moment for the oil industry and in order for higher oil prices to occur, central banks need to deliver a wrath of stimulus, OPEC + must deliver deeper production cuts next week, the global spread of the virus needs to ease.
Wednesday, February 26, 2020
forex USD/CAD 2/26
 | The following assumptions that have been made: - At least 20 pip forecast - The key level and chart pattern were at most 5 candles apart at time of identification | |
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| | Symbol : USDCAD  | |
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| Direction : Identified time : 2020-02-26 17:01 GMT Breakout price : 1.33214 Forecast price : 1.33595 Forecast pips : 38 Probability : 65.93 % | ||
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