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Daily Report: Euro Dips on Risk Aversion, Canadian Dollar Hammered by Flaherty's CommentsEuro retreats mildly, following mild risk aversion as Google Microsoft earnings triggered some selloff in US equities. EU Economic and Monetary Affairs Commissioner Olli Rehn said that the the framework of banking union would be completed by end of this year. And the "entire banking supervision mechanism will become reality on January 1, 2014." Rehn emphasized that the agreement was was vital "to break the vicious circle between sovereigns and banks".Under the mechanism leaders have agreed that all 6000 banks inside Eurozone would come under ECB supervision, with day-to-day oversight delegated to national authorities. ECB would be responsible for supervision of systemically important banks only and oversees others when necessary. A question though, is when ESM could start recapitalizing troubled banks as France thought it could start as early as early 2013 but Germany thought it would happen soon. Meanwhile issue on Spain's bailout request was not discussed yesterday. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 0.9791; (P) 0.9825; (R1) 0.9886; More. USD/CAD rebounded again ahead of 0.9733 minor support and continues to gyrate inside range of 0.9733/9884. Intraday bias remains neutral and outlook is unchanged. Correction from 0.9633 might not be completed yet and another rise cannot be ruled out. But in that case, upside should be limited by 0.9948 (38.2% retracement of 1.0455 to 0.9633 at 0.9943) and bring fall resumption eventually. On the downside, below 0.9733 will target a test on 0.9633 support. Break will extend the fall from 1.0455 towards 0.9406 low. |
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Due to holidays, no update next week and next Candlestick and Ichimoku Trade Idea update will be made on Monday 22 Oct 2012. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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