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| Action Insight Weekly Report | Markets Snapshot |
Risk Rally Extended Cautiously, Canadian Dollar ShoneDespite intra-week setbacks, risk markets managed to close the week on a strong note, with S&P 500 closed above 1400 psychological level. Most major currencies strengthened against dollar but Euro didn't follow. Indeed, the common currency was the weakest one along with Swiss Franc as Spanish 10 year yield is back at 6.9% level. Weakness of Euro in crosses were more apparent as EUR/CAD dropped to new record low last week while EUR/AUD was close to corresponding level. Steep selloff was also seen in EUR/GBP after BoE King cooled speculation of rate cuts. Meanwhile, Canadian dollar took turn to be the strongest one last week as Aussie and Kiwi were both dragged down by weak China trade data. |
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| Featured Technical Report | |
USD/CAD Weekly OutlookUSD/CAD's choppy decline from 1.0445 continued last week and reached as low as 0.9905. While downside momentum is seen diminishing with mild bullish convergence condition in 4 hours MACD, there is no sign of bottoming yet. Initial bias remains on the downside for 0.9799 support. But note again that as we're treating fall from 1.0445 as a correction, we'd expect strong support above 0.9799 to contain downside and bring strong rebound. Above 0.9969 minor resistance will turn bias neutral first. Further break of 1.0065 support turned resistance will indicate reversal. |
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The Week in Review and Outlook | ||
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