Global equities are on a roll thanks to a slew of robust US corporate earnings which has been followed by a clutch of as-expected or outperforming reports from several European heavyweights.
Squawk / 21 September 2016 at 10:29 GMT
Manager / Tashkent designer
Dear Steve,
What next on eurusd and usdcad before fomc meeting?
Stephen Pope Stephen Pope
EURUSD: This morning the pair has been steady around the 1.1158 level (12:41 GMT).
The technical picture has a short-term BUY i,e, favouring the Euro but for 5 hours to one week the mood is bullish on the Dollar.

The current level has been the gravitational centre for the pair since February, but I do expect the Euro to ease and I would look for the first objective to be at 1.0966 and then at 1.0800.

As for USDCAD commodity currencies strengthened as oil prices jumped more than 2% on Wednesday morning on bets for bullish US stockpile data later in the day.

However, technicals are mostly US Dollar bullish, just the 30 minute to 5 hour measure looking at a neutral stance. The pair found that progress beyond 1.3271 was blocked in March this year and Can $ has only shown recent strength on the faint hope the OPEC may limit production. That is highly fanciful...if Can $ does spike on inventory data at 10:30 eastern = 14:30 GMT then I would sell into Can $ strength i.e at 1.3094.
vanita vanita
Steve it's means I should sell eurusd and also sell usdcad as a hedging strategic trade.
How you see at my trade .
Stephen Pope Stephen Pope
Hold off on buying USDCAD until oil data that is due in 65 minutes. I would sell EURUSD ...but I have been a perennial Euro bear and not always right. Even if Fed pass tonight...which I expect, the ECB is going nowhere and Fed will move in December.
vanita vanita
Hope what will come out of fed.
Thanks Steve ..take care.


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