• This morning, markets are generally quiet, but the Canadian dollar is under pressure with left wing Justin Trudeau set to become the country’s new PM. Canadians have reacted both against the economic problems created by low oil prices and the overreliance on oil for the economy.
• Elsewhere, markets are quiet with the euro unchanged and the dollar index ever so slightly on the back foot.
• The Australian dollar has a slight positive bias after the release of the minutes from the last RBA meeting.
Coming up today:
• This morning, we have BOE Governor Carney speaking at 11.00.
• This is followed by US building permits at 13.30, released alongside housing starts and Canadian wholesale sales.
• Then the FOMC comes under focus with member Dudley speaking at 14.00, Powell speaking at 14.15 and Yellen speaking at 16.00.
Trade Idea:
• It will take decades, perhaps years for the Canadian economy to balance away from oil prices. If oil prices continue to hover around the ‘new normal’ of $50 then the USD/CAD could well see further upside from here.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
Canada Shifts to the Left
Morning Report: 06.30 London
• This morning, markets are generally quiet, but the Canadian dollar is under pressure with left wing Justin Trudeau set to become the country’s new PM. Canadians have reacted both against the economic problems created by low oil prices and the overreliance on oil for the economy.
• Elsewhere, markets are quiet with the euro unchanged and the dollar index ever so slightly on the back foot.
• The Australian dollar has a slight positive bias after the release of the minutes from the last RBA meeting.
Coming up today:
• This morning, we have BOE Governor Carney speaking at 11.00.
• This is followed by US building permits at 13.30, released alongside housing starts and Canadian wholesale sales.
• Then the FOMC comes under focus with member Dudley speaking at 14.00, Powell speaking at 14.15 and Yellen speaking at 16.00.
Trade Idea:
• It will take decades, perhaps years for the Canadian economy to balance away from oil prices. If oil prices continue to hover around the ‘new normal’ of $50 then the USD/CAD could well see further upside from here.
A good way to play this is a HIGHER trade predicting that the USD/CAD will close above 1.3100 in 50 days time for a potential return of 127%.
Disclaimer: This financial market report is intended for educational and information purposes only. It should not be construed as investment or financial advice and you should not rely on any of its content to make or refrain from making any investment decisions. The views expressed in this report are those of the author and do not necessarily reflect the views or position of Binary.com accepts no liability whatsoever for any losses incurred by users in their trading. Binary options trading may incur losses as well as gains.
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