CAD Falls Broadly after GDP, Markets Lag Direction Elsewhere
| Action Insight Mid-Day Report 11-29-22 |
CAD Falls Broadly after GDP, Markets Lag Direction Elsewhere |
Canadian Dollar falls broadly after weaker than expected GDP data. Dollar and Swiss Franc are also weak on steady market sentiment. Australia and New Zealand Dollar are currently the strongest ones, followed by Sterling. But all three are just staying in range against the greenback. Euro is also relatively directionless with mixed trading with Yen together. Technically, CAD/JPY is extending the fall from 110.87. Such decline is seen as a correction to the up move from 84.65. Downside could be contained by 101.39 support zone (38.2% retracement of 84.65 to 110.87 at 100.85) to bring rebound, at least on first attempt. But overall, further fall will remain in favor as long as 104.52 minor resistance holds. In Europe, at the time of writing, FTSE is up 0.67%. DAX is up 0.05%. CAC is up 0.18%. Germany 10-year yield is down -0.053 at 1.943. Earlier in Asia, Nikkei dropped -0.48%. Hong Kong HSI rose 5.24%. China Shanghai SSE rose 2.31%. Singapore Strait Times rose 1.12%. Japan 10-year JGB yield dropped -0.038 to 0.254. |
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.3420; (P) 1.3462; (R1) 1.3539; More.... USD/CAD's rise from 1.3224 resumed by breaking through 1.3494 resistance finally. The development adds to the case that correction from 1.3976 has completed at 1.3224. Intraday bias is now back on the upside. Further break of 100% projection of 1.3224 to 1.3494 from 1.3315 at 1.3585 should prompt upside acceleration to 161.8% projection at 1.3752. This will now remain the favored case as long as 1.3315 support holds, in case of retreat. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
|---|
| 23:30 | JPY | Unemployment Rate Oct | 2.60% | 2.60% | 2.60% | | 23:50 | JPY | Retail Trade Y/Y Oct | 4.30% | 5.00% | 4.50% | 4.80% | | 08:00 | CHF | GDP Q/Q Q3 | 0.20% | 0.20% | 0.30% | 0.10% | | 09:30 | GBP | M4 Money Supply M/M Oct | 0.00% | 0.80% | 2.10% | | 09:30 | GBP | Mortgage Approvals Oct | 59K | 60K | 67K | | 10:00 | EUR | Eurozone Economic Sentiment Nov | 93.7 | 93 | 92.5 | 92.7 | | 10:00 | EUR | Eurozone Industrial Confidence Nov | -2 | -0.8 | -1.2 | | 10:00 | EUR | Eurozone Services Sentiment Nov | 2.3 | 3.4 | 1.8 | | 10:00 | EUR | Eurozone Consumer Confidence Nov F | -23.9 | -23.9 | -23.9 | | 13:00 | EUR | Germany CPI M/M Nov P | -0.50% | 2.00% | 0.90% | | 13:00 | EUR | Germany CPI Y/Y Nov P | 10.00% | 10.90% | 10.40% | | 13:30 | CAD | GDP M/M Sep | 0.10% | 0.20% | 0.10% | | 14:00 | USD | S&P/Case-Shiller Home Price Indices Y/Y Sep | 10.70% | 13.10% | | 14:00 | USD | Housing Price Index M/M Sep | -1.20% | -0.70% | | 15:00 | USD | Consumer Confidence Nov | 100 | 102.5 |
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