USD/CAD : Higher oil prices support Canadian dollar

USD/CAD : Higher oil prices support Canadian dollar

2021-02-03 • Updated

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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.

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Fibonacci Levels

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

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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.

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