
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
2020-07-10 • Updated
The Canadian employment change has been released at the same time with the US PPI. The best opportunity of this week for traders!
Actual Forecast Previous
Core PPI -0.3% 0.1 -0.1%
PPI -0.2% 0.4% 0.4%
Opportunities like this come along quite rarely. The Canadian dollar got two tailwinds at the same time. As a result, USD/CAD started moving down. Based on fundamental factors we can assume that the pair should go down further. It has already broken through two moving averages, but there is one left – the 50-period moving average at 1.3570. If the price crosses it, it may plummet to the next support level at 1.3525, which it has touched several times already. The move below this level will push the price to the low of June 9 at 1.3375. Resistance levels are at 1.3610 and 1.3685.
The past two years have seen the biggest swings in oil prices in 14 years, which have baffled markets, investors, and traders due to geopolitical tensions and the shift towards clean energy.
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
What is going on with this energy asset these days, and should we prepare for further falls?
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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