WTI Oil is trading at $74.30, 0.18% down since previous day close. The Oil prices extended its losses on Wednesday as fear looms over slowdown in demand side across the globe. However, the prices moved slightly on higher side in previous session after a G7 price cap on Russian oil imports came into effect from Monday. On weekend, the OPEC+ kept the output cuts of 2 mbpd steady throughout from November till 2023 in its latest meeting which pushed up the prices. The result of U.S Energy Information Administration (EIA) report will remain into focus for the day. As seen in the chart, the Oil is hovering near major support level & a strong breakdown can be expected if breached.

CHNIND is trading at 6688.8, 0.12% up since previous close. An upside continued to be seen in CHNIND post release of Trade Balance data which rose to 494B higher than expectation 486B. Majorly, the Chinese Government eased down the restrictions in economic hubs like Shanghai & Beijing amid improvement in Covid-19 situation. Globally, the Fed Chair hinted for chances of slower rate hikes in the near future as inflationary pressure seems to be cooling down & hence, the major indices rallied. The country’s result of inflation data will remain vital for this week. As seen in the chart, the index strongly reversed up from lower trend-line of channel & seems to be maintaining an upside. Further buying bias may be suggested for the day in CHNIND.

USD/CAD is trading at 1.36520, 0.12% down since previous day close. The selling pressure can be seen in major currencies against resurging USD on account of better U.S economic data. Also, the falling Oil prices make CAD weaker since they are directly correlated. Last week, the pair appreciated amid rising chances of smaller interest rate hikes in coming months. The Canada’s Trade Balance grew to 1.2B from 0.6B in the previous month while the focus will be on Bank of Canada (BoC) meeting which will highlight monetary decision today. The result of Capacity Utilization Expectations will remain vital for the week. As seen in the chart, the pair is hovering near the major resistance level & hence, a breakout may be seen if breached.