USD/CAD is trading at 1.29457, 0.04% up since previous day close. The Canadian Dollar seems to be trading on higher side on Tuesday against the mixed USD as traders remain cautious over Fed Powell’s speech beginning from Wednesday. Earlier, the pair remained volatile amid heavy fluctuations in Oil prices; for both of them are directly correlated. The fear over global recession as major Central Banks started raising their interest rates remains vital for currency market. The result of Core Retail Sales & NHPI figures will remain in focus for the day. As seen in the chart, the pair is trading near upper trend line of channel pattern which indicates the chances of further buying bias in CAD against the USD.

Gold is trading at $1840.75, 0.04% down since previous day close. The commodities seems to be trading mixed against the steady USD as market waits for the outcome of FOMC Chair Powell’s speech which is due later in this week.  Last week, the precious metals remains slightly sluggish post FOMC meeting wherein an interest rate was hiked by 75bps higher than expectation which strengthened the USD. On positive note, the reducing number of Covid-19 cases in China may retain the consumption demand of commodities. As seen in the chart, the Gold is trading within a bullish channel pattern & is hovering near lower trend-line. Buying on lower side may be recommended for the day.

JAP225 is trading at 26243, 0.22% up since previous day close. The Asian shares turned on higher side following the U.S markets as traders & investors are gulping the global recession fear & major Central Bank’s aggressive monetary stances. Earlier, the JAP225 showed downward momentum post Fed meeting; wherein an interest rate was hiked by 75bps to lower down inflation concern & that the more hikes may turn out to be ultimate solution to the problem. Last week, the Bank of Japan (BoJ) left its interest rate at -0.10% as expected & maintained its stimulus package size as well. The Japan’s Trade Balance deficit increased to 1.93T from 1.58T in the previous month. Slight buying may be recommended for the day in JAP225.