USD/CAD is trading at 1.32414, 0.08% down since previous day close. The correction can be seen in Canadian Dollar (CAD) on Friday after inching upside in the previous session. The traders are looking forward to the outcome of FOMC meeting which is to be held in the next week; focusing on interest rate hike decision. In Canada, the Manufacturing Sales fell by 0.9% against the expected fall of 1.0% which slightly cushioned the USD/CAD. The result of Housing Starts & Foreign Securities Purchases data will remain in focus for the day. As seen in chart, the pair almost crossed over the upper trend-line of channel pattern & is trading above the MA (10) & MA (20). This indicates the selling pressure in CAD against the USD.Read More… Read Less
CHNIND is trading at 6458.8, 0.02% up since previous day close. The CHNIND seems to be trading flat to higher side post release of key economic data. The Retail Sales grew by 5.4% from 2.7% in the previous month & the Industrial Production rose by 4.2% above expectation 3.8%. These upbeat estimates remained bullish for Asian shares. The cash injection by PBoC in the financial & economic system remains strong factor for bullishness in CHNIND. Earlier, the U.S CPI data showed a rise in inflation by 0.1% against the expected fall of 0.1% which raises the strong chance of interest rate hike by 75bps in the Fed’s next meeting. This weighs down the indices in beginning of the week. Slight buying bias may be established for the day in CHNIND.Read More… Read Less
Soybean is trading at $1445.07, 0.08% down since previous close. The selling pressure can be seen in agri-commodities since last few trading sessions against the strong USD. This makes the other commodity-backed currencies weaker & hence, the respective commodities as well. The rise in U.S CPI data led the sell-off in equities & commodities. Besides this, the change in climatic conditions in Argentina increases the production & supplies level of Soybean; as Argentina is a major beans producing country. The outcome of forthcoming FOMC meeting will remain vital for commodities. As seen in the chart, the Soybean is trading near MA (10) & MA (20) which indicates the chances of bullishness if breached.Read More… Read Less
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