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Mid-Day Report: CAD Jumps after BoC Hike, European Debt Worries EaseBank of Canada raised overnight rate target by 25bps to 1% as widely expected. One important point to note is that BoC still describe current monetary policy as "exceptionally stimulative" which suggests that the bank's tightening cycle might not be over yet. Though, further rate hike "will be carefully considered in light of the unusual uncertainty surrounding the outlook". In particular, BoC now "expects the economic recovery in Canada to be slightly more gradual than it had projected in its July Monetary Policy Report" reflecting the weaker profile of US. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2614; (P) 1.2745 (R1) 1.2813; More. EUR/USD recovers mildly after dipping to 1.2658 but still, with 1.2772 minor resistance intact, intraday bias remains on the downside for 1.2587 support. Break will confirm that whole decline from 1.3330 has resumed and should target 61.8% retracement of 1.1875 to 1.3330 at 1.2431 next. On the upside, above 1.2772 minor resistance will turn intraday bias neutral first. But with 1.2921 resistance intact, fall from 1.3330 is still expected to continue. However, decisive break of 1.2921 will indicate that fall from 1.3330 is possibly completed and will bring stronger rally to retest this high instead. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 1.0220Current rebound partly due to cross-selling in Swiss franc suggests an intra-day low has possibly been formed at 1.0060, break of 1.0149 minor resistance would confirm and bring retracement to the upper Kumo (now at 1.0163), however, upside should be limited to 1.0210/20 (approx. 61.8% Fibonacci retracement of 1.0309 to 1.0060 and previous support), bring another decline later. Trade Idea Update: EUR/USD – Sell at 1.2770Euro's recovery after intra-day marginal fall to 1.2659 suggests consolidation would be seen and another bounce to intra-day resistance at 1.2734 cannot be ruled out, however, renewed selling interest should emerge below 1.2776 (previous support and 50% Fibonacci retracement of 1.2893 to 1.2659) and bring another decline. Below said support would extend weakness towards previous support at 1.2625, however, loss of downward momentum should prevent sharp fall below there and reckon 1.2588 support would hold. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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