CAD rallied 230 pips against USD | Current Sentiment

There is no trade call for the session. Ahead we have German ZEW figures, but aside from that the London session is relatively light.

Current Sentiment

Commodity-linked currencies have remained supported after yesterday’s rally which was caused by a recovery in the price of crude due to reduced supply from Kuwait. The Canadian dollar has rallied 230 pips against the US dollar since gapping lower after the weekend. CADJPY has rallied nearly 250 pips from yesterday’s lows, as the yen depreciates alongside moves highers in stocks. The Nikkei is up over 3%.

The Kiwi has benefited from the moves in commodities, now testing the 70 handle, which is its highest level since June 2015.

The RBA Minutes from the April 5 meeting were released during the Asia-Pacific session. They did not contain any new dovish information and therefore the AUD has been supported, also helped by a move higher in iron ore. The Aussie is up 40 pips on the day and 155 pips from yesterday’s lows. Although the April 5 RBA statement said there is scope to ease policy further if required, this is unlikely to occur unless Q1 CPI misses estimates, due on April 27.

 

To get daily market insights from Jarratt Davis delivered to your inbox simply enter your name and email below:

The post CAD rallied 230 pips against USD | Current Sentiment appeared first on Jarratt Davis.

Source:: CAD rallied 230 pips against USD | Current Sentiment

Won't your trader friends like this?
Jarratt Davis
About the Author
Jarratt Davis is the world’s ranked #2 (2008-2013) Forex Trader by Barclays FX Hedge Index, following years of mastering his art as a self employed trader Jarratt has now entered the field of education and delivers the most robust Forex education package on the market. Jarratt’s mentorship is one of the only programs on the market that is conducted by a verified professional trader. Forex Alchemy readers can get the FREE mini course where Jarratt gives away some of his secrets to success by Clicking Here... [space height="20"] [social type="facebook"]www.facebook.com/JarrattDavisForex/[/social] [social type="twitter"]https://twitter.com/jarrattdavis[/social] [social type="google-plus"]https://plus.google.com/+JarrattdavisForexTrader/[/social] [social type="youtube"]https://www.youtube.com/user/JarrattDavisForex[/social]

Related Posts

Leave a Reply

*