
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Tensions between Saudi Arabia and Canada put pressure on the CAD. The conflict happened because of the arrest of activists for civil rights in Saudi Arabia. As a result, Saudi Arabia frozen trade relationship with Canada, Saudi Arabia expelled the Canadian Ambassador, moreover, Saudi Arabian airlines canceled all flights to Toronto.
The conflict has been escalating since Monday. As a result, the loonie has been suffering depreciation since then. USD/CAD has broken above the pivot point at 1.3017 and has tested the resistance at 1.3067. The resistance is strong. In case of news on the conflict’s escalation, the pair will be able to break the resistance. Otherwise, it will keep trading near it.
Brent has been trading near $74.65. The 100-day MA is a good support for it, but the data should be encouraging as well. A decline in the data will pull the Brent prices up to $75.15 (50-day MA). The next resistance is at $76.90. If the data isn’t encouraging, the prices will go to the pivot point at $73.50.
The WTI trading is uncertain. Traders are waiting for the data/ Encouraging figures will pull the prices up to $70.34. Otherwise, they will fall to the pivot point at $68.65 (50-day MA) and then to $68.20 (100-day MA).
That’s all for today! Follow market news with FBS!
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
The American CPI is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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