USD/CAD : Higher oil prices support Canadian dollar

USD/CAD : Higher oil prices support Canadian dollar

2021-02-03 • Updated

2021_02_03_09_59_36_Template1_Autosaved_PowerPoint.png

USDCADM30.png

2021_02_03_09_53_58_Template1_Autosaved_PowerPoint.png

AUDCADM30.png

Ichimoku Kinko Hyo

USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

USDJPYM30 (18).png

Fibonacci Levels

 XAG/USD: Silver yesterday faced a sharp sell off. Today buyers return and keep price above 61.8% retracement area.

XAGUSDH4 (13).png

EU Market View

Asian equity markets traded mostly higher as the region took impetus from global peers including the advances on Wall Street as governments around the world looked poised to boost spending to help economies recover from the coronavirus and vaccine roll-out programmes accelerated. Wall Street rallied on Tuesday on renewed hopes for U.S. President Joe Biden's proposed $1.9 trillion COVID-19 aid bill as the Senate took steps to allow Democrats to pass Biden's package without Republican support.

The U.S. Treasury yield curve continued to steepen in Asian trading, reflecting expectations for more fiscal spending and growing economic optimism.

The roll-out of vaccines in many countries is gathering pace, earnings season in the United States and Japan has so far been bright, and oil prices are at their highest in a year, which are all positive signs for the global economy.

Looking ahead, highlights from the macroeconomic calendar include Eurozone, UK & US Markit PMIs (final), EZ CPI, US ADP, ISM services, OPEC+ JMMC, Fed's Kashkari, Bullard, Harker, Mester, Evans, Kaplan speeches.

EU Key Point

  • Germany reports 9,705 new coronavirus cases, 975 deaths in latest update today.
  • South Korea may decide to ban short selling as soon as today.
  • RBA says need to keep loose monetary policy until people get jobs, higher wages.
  • US Yellen calling a meeting of regulators to discuss market volatility driven by retail trading.

TRADE NOW

Similar

How will the reporting season affect US indices?
How will the reporting season affect US indices?

Earnings season is a crucial time for investors and analysts, as it provides insights into how well companies have performed over the past quarter and gives indications of their future earnings. In 2023, expectations for US Q1 earnings were low due to economic challenges and rising interest rates. Surprisingly, many companies beat these low expectations, with 75% of S&P 500 companies surpassing forecasts.

Stocks to trade in July
Stocks to trade in July

When I started trading stocks a few years ago, I often needed to pay more attention to my technical analysis skills and trust that the market would play fair according to my analysis. I have since discovered that the safer approach to trading stocks is to, more often than not, seek out investing opportunities - that is, catching stock commodities with a potential to rise.

Latest news

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera