Category: Forex Market Reports

Background The US administration announced on Monday that it would impose a 20% tariff on Canadian softwood lumber imports to US, alleging that Canada unfairly subsidises its timber producers. (See separate story here.)The news knocked the Canadian dollar and boosted prices of lumber futures. It also creates a trading opportunity in lumber futures, as outlined…

Background Trading in USDCAD was volatile on Monday. Initial losses mounted to more than 1 big figure and USDCAD was driven back to its 13 day moving average. But that crucial point proved important as, in line with this week's forecast, fresh buyers were attracted near that point. The resulting resumption of the upside took…

Market Overview Although there is a degree of consolidation taking over forex markets as traders pause to take stock after yesterday’s huge risk rally, there is still a mild risk positive bias in sentiment. The clear lead for Emmanuel Macron in the first round of voting in the French Presidential election has stoked the fires…

The Euro-Sterling pair has a great deal of importance amid traders given the political events which are folding. The euro is more than likely to continue its rally against the sterling. The Euro literally crushed the Sterling on the back of the French election outcome. Macron is the leading candidate in the polls and his…

DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1) The bulls remain in control today refusing to give back any of yesterday’s huge gains that moved the market into new all time highs. The day after a big run higher is always interesting to see how traders react and so far the signs…

BackgroundThe probability of a rate rise by the US Federal Open Market Committee on June 14 jumped from 50% to 65% post the French election result as risk appetite resurfaced across global markets. But the “hard” data out of the US has yet to back up the “soft” data coming from surveys (or election results). Today…

Day trade / Sell Trade view / 11 hours ago Analyst / PIA First United Kingdom Instrument: USDCAD Price target: 1.3400 Market price: 1.3466 BackgroundUSDCAD looks prime for a counter-trend short entry today but the medium-term bias remains bullish.  Monthly – Highlights a disjointed bearish Gartley formation. The move higher from May 2016 has been…

Short term / Buy Trade view / Friday at 6:37 GMT Analyst / PIA First United Kingdom Instrument: USDCHF Price target: 1.0400 Market price: 0.9986 BackgroundGoing into the French presidential election, we are looking at USDCHF today. This pair is near -1 correlated with EURUSD. Dip buying this morning (with a tight stop) offers a…

BackgroundAs expected, Wednesday’s minor setback for GBPUSD proved to be only temporary. Yesterday saw the market attract fresh buying interest below 1.2800 and although the resulting upside was not extensive, Wednesday’s decline was mostly regained. This has kept Cable above the 200 day moving average and near the top of a positive daily Keltner channel.…