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PBoC Cut-Down Reserve Rate by 25bps, Oil Prices Inches Up to $90 & Indices Surges Higher

By Research Team Friday, Sep 15, 2023

    • 10.04amd1
    • High1.35172
    • Low1.3494
    • Close1.34984

USD/CAD is trading at 1.34999, 0.11% up since previous day close. The Canadian Dollar appreciated against the soft USD as rise in U.S inflation rate by 0.3% may not suffice the criteria of Fed for more interest rate hike in upcoming meet which is to be held in next week. The rising Oil prices further pushed up the CAD since they are inversely correlated. The Wholesale Sales grew by 0.2% against -2.8% in the previous month which created not-so major impact on USD/CAD. The traders will be focusing on Foreign Securities Purchases & Manufacturing Sales data today. Slight buying pressure may be established in CAD against the USD on an intraday basis since the pair seems to be sustaining the resistance level.

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Intra Day
Near Day

Technical Levels

R3 1.36434
R2 1.35823
R1 1.35491
Turnaround 1.35212
S1 1.34880
S2 1.34601
S3 1.33990
By Research Team Friday, Sep 15, 2023

    • 10.20amd1
    • High6379
    • Low6260
    • Close6379

CHNIND is trading at 6379.3, 0.22% up since previous close. The Chinese shares showed a rally in an index after PBoC cut down its Reserve Requirement Ratio (RRR) by 25bps & is expected to offer stimulus aid in future course of time. On global front, the traders & investors hope for no-change in interest rate by Fed since the U. S CPI rate showed a mild rise of 0.3%. Last week, the trade tension between U.S & China worsened after the former imposes few export curbs on Chinese tech companies in retaliation to Chinese actions which subdued the equity markets. As seen in the chart, the index CHNIND took a strong support of previous lows & is expected to test the MA (100) if upside prevailed further. Buying on dips may be recommended for the day.

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Intra Day
Near Day

Technical Levels

R3 6511.00000
R2 6395.00000
R1 6350.00000
Turnaround 6279.00000
S1 6234.00000
S2 6163.00000
S3 6047.00000
By Research Team Friday, Sep 15, 2023

    • 10.40amd1
    • High90.55
    • Low89.88
    • Close90.4

WTI Oil is trading at $90.29, 0.12% up since previous day close. A sharp rally can be seen in Oil prices on Friday after Chinese PBoC cut-down its Reserve Requirement Ratio (RRR) by 25bps in order to boost economic conditions & hence, makes the Oil prices to trade on higher side since this move may increase the demand of oil from one of the major oil consuming countries. Earlier in this week, the OPEC report showed the chances of more supply cuts in near future from OPEC+ countries which cushioned the prices. The result of U.S Baker Hughes report will remain in focus for the day. As seen in the weekly chart, the Oil is trading near major resistance of previous highs & hence, buying momentum may be expected.

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Intra Day
Near Day

Technical Levels

R3 94.01000
R2 91.90000
R1 90.91000
Turnaround 89.79000
S1 88.80000
S2 87.68000
S3 85.57000

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