The Bank of Canada will publish the rate statement together with the interest rate on October 28, at 17:00 MT time.
Market updates on September 17
Key events ahead:
Press conference by Saudi oil minister – 20:15 MT (17:15 GMT) time
- The Australian dollar fell on the dovish RBA meeting minutes. According to it, the regulator would consider further easing if needed to support growth. AUD/USD has moved below the 50-period SMA and tested the support at 0.6833. If this level is broken, a further fall will be limited by the 0.6810 level. If the aussie strengthens on the improved risk sentiment, the pair will rise back towards the resistance above the 50-period SMA at 0.6857. After the breakout of this level, the next resistance will lie at 0.6867. RSI is moving within the oversold zone, close to the oversold border.
- After the spike in the prices of crude oil due to the attack on the Saudi Arabian oil facilities during the weekend, the USD/CAD pair opened with a gap down on Monday. The pair managed to rise back to the 100- and 200- period SMA yesterday and formed a triangle. If the Canadian dollar is supported again by the rising oil prices, the pair will slide below the lower border of the triangle and 1.3235 level. In this case, the next support will lie at 1.3217. From the upside, the rise of the pair is limited by the upper border of the triangle and 200-period SMA. The resistance level in focus lies at 1.3262.
- Bullish pressure in the oil market continues. Pay attention to the press conference by Saudi oil minister at 20:15 MT, where he may suggest a solution on the oil supply problem. We remind you, that after the attack on the Saudi Arabian oil facilities, the Aramco's crude oil supply was cut by 50%.
The price of WTI is currently testing the resistance level at $62.5. The next key levels lie at $62.88 and $63.44. From the downside, it is recommended to pay attention to the $61.9, $61 and $60.16 levels.
- The price of Brent has been moving lower to the support at $68.1. If bears break this level, the next support will be placed at $67.4. After that, it is recommended to keep an eye on the $66.4 level. If bulls take over the situation, the resistance at $69.3 will be in focus. After the breakout, pay attention to the $69.75 level.
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Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.