The stronger USD GDP numbers and slightly lower oil prices gave the Canadian dollar a bit of push into weaker territory. Even with the lower gasoline inventory data, is still hasn’t stopped analysts from worrying about a future oil glut. US shale production continues to grow as long as oil stays above the $60 USD a barrel, no matter what Russia and Saudi Arabia try to do.
Tech stocks are still getting battered, expect further fallout, Trump is quoted as going after Amazon for anti-competition.
Currently Close Range
USDCAD 1.2913 1.2886 1.2863-1.2933
EURCAD 1.5939 1.5981 1.5921-1.6008
GBPCAD 1.8204 1.8242 1.8199-1.8293
XE Market Analysis: North America – Mar 28, 2018
EUR-USD retreated back under 1.2400 after capping out yesterday at a six-week high of 1.2476. In the bigger view, EUR-USD has settled near the midway levels of a consolidation range that’s been seen for nearly two months now, which follows a 14-month rally phase from sub-1.0500 levels. We anticipate more of the same for now. Support comes in at 1.2324-25.
USD-CAD has settled near 1.2900 after a one-week run lower left a two-week low at 1.2815, which was seen yesterday. Progress on the NAFTA front, with the U.S. last week dropping its contentious auto-content proposal, along with firmer oil prices, have given the Loonie a footing of late. We expect more of the same for now.
[EUR, USD]
EUR-USD retreated back under 1.2400 after capping out yesterday at a six-week high of 1.2476. In the bigger view, EUR-USD has settled near the midway levels of a consolidation range that’s been seen for nearly two months now, which follows a 14-month rally phase from sub-1.0500 levels. We anticipate more of the same for now. Support comes in at 1.2324-25.
USD-JPY logged a one-week high at 105.95 after more than reversing intraday losses. The yen had been bid amid the backdrop of falling stock markets, though the visit to Beijing by North Korea’s Kim has been greeted as a positive in terms of further allaying geopolitical tensions on the Korean peninsular. BoJ’s Kuroda also repeated, albeit for the umpteenth time, that the central bank will persist with “powerful” monetary stimulus, while Japanese PM Abe said that a delay in the planned sales tax hike would be considered in the scenario of a financial shock. The Nikkei 225 equity index finished 1.3% for the worse. USD-JPY, which has been trending lower since early January, and technically remains in this downtrend, has resistance at 105.94-95.
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