Canadian Dollar jumps broadly today, following upside breakout in oil price, and partly supported by solid GDP growth data. Australian Dollar is following as the second strongest, while Dollar is also rebounding. On the other hand, Sterling reversed earlier rallies after failing to sustain above a key resistance against Dollar. Subsequent selloff sends the Pound as the weakest today, followed by Kiwi. Technically, WTI crude oil's break of 67.83 resistance confirms up trend resumption. Near term bullishness is affirmed by strong support from rising 55 day EMA. Next target is 70 psychological level, and then 76.75 long term resistance. CAD/JPY is also on track to key resistance zone at 91.62, 61.8% projection of 77.91 to 88.28 from 85.40 at 91.80. We'd see if CAD/JPY would top around there, or strength in oil prices would push it through this key resistance zone. In Europe, at the time of writing, FTSE is up 1.25%. DAX is up 1.65%. CAC is up 1.09%. Germany 10-year yield is down -0.009 at -0.174. Earlier in Asia, Nikkei dropped -0.16%. Hong Kong HSI rose 1.08%. China Shanghai SSE rose 0.26%. Singapore Strait Times rose 0.73%. Japan 10-year JGB yield rose 0.0002 to 0.080. |
