
What happened? Japanese shares fell on Monday…
2019-11-11 • Updated
CAD/JPY today broke through the combined support area lying between the pivotal support level 0.8100 (which also stopped the two previous corrective waves 2 and (2), as can be seen below) and the extended support trendline from the start of August. The breakout of this support area strengthened the bearish pressure on this currency pair. CAD/JPY is expected to fall further toward the next sell target at the next support level 86.70 (multi-month low from November).
What happened? Japanese shares fell on Monday…
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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