The Canadian dollar is rising to record highs after reaching a trade agreement with the United States

The Canadian dollar and Mexican peso lead gains among major currencies, as Turkey’s lira outperformed after preliminary data showed that the trade deficit narrowed in September.

The Canadian dollar is rising to record highs after reaching a trade agreement with the United States

The Canadian dollar is rising

The BTPs and the euro extended a rebound from their respective session lows as Italian budget uncertainty takes a backseat to risk-on tone spurred by a U.S.-Mexico-Canada Agreement trade deal by Canada, U.S., and Mexico to replace NAFTA.

Start Trading Today

The Canadian dollar and Mexican peso lead gains among major currencies, as Turkey’s lira outperformed after preliminary data showed that the trade deficit narrowed in September.

USD/TRY

The S&P futures hit their highest level in more than a week, while bund and Treasury futures extended their declines. Treasury yields were up 1bp-2bp across the curve, and bond yields were up 2bp-3bps.

WTI crude climbed for the third straight day, with nickel leading base metals lower in London trading, with aluminum being the exception.

The European session yesterday featured the Italian budget crisis that seems to push the EURUSD even lower, however, positive news from the U.S., Mexico, and Canada on entering into the USMCA has given another bout of risk-on sentiment as there could be some good coming from the trade negotiations that are happening.

TRADERS VIEW

The Canadian dollar and the Mexican peso rallied against the greenback as U.S. President Donald Trump was set to sign a successor to the North American Free Trade Agreement. Treasuries fell with the yen as demand for haven assets waned, while the dollar also slid, and U.S. equity futures rose. European stocks traded in the green while Italian bonds faced continued selling pressure as investors awaited the European Union’s response to the country’s proposed deficit target. Markets in Australia, China, and Hong Kong were closed for public holidays.

EUR/USD – Euro gains Monday were limited as data showed growth in euro-area factory output slid to the weakest pace in two years. EUR/USD was little changed at 1.1623, halting a three-day decline. The immediate resistance is located at 1.1650 followed by 1.1760. Immediate support can be found at 1.1525 followed by 1.1480. Looking forward to trading in a possible range today from 1.1500-1.1590

EUR/USD

Start Trading Today

GBP/USDGBP/USD rose to 1.3117, set for its first gain in four days. The currency was helped by better-than-expected U.K. manufacturing data. The immediate resistance for today is 1.3150-90 followed by 1.3275. Immediate support can be found at 1.3000 followed by 1.2960. Look for a possible trading range today from 1.2960-1.3050.

GBP/USD

USD/JPY USD/JPY rose 0.2% to 114.05 after climbing for 2 straight quarters; the pair touched 114.05, its highest level since November 9. The immediate resistance is at 114.35 followed by 114.60. Immediate support can be found at 113.30 followed by 112.55.

USD/JPY

Start Trading Today

USD/CAD – The Canadian dollar strengthened against the U.S. dollar after Canada, Mexico and the U.S. reached a new trade deal to replace the North American Free Trade Agreement. USD/CAD dropped 0.8% to 1.2800, its lowest level since May 22. The immediate resistance is at 1.2910 followed by 1.3050. range today from 1.2780-1.2850

USD/CAD

USD/ZAR – The rand has held onto the gains it made last week, opening at R14.10/$ on Monday morning. It was trading 0.49% stronger at R14.07/$ by 11:00.

The rand and another emerging market (EM) currencies managed to defy the US Federal Reserve Bank’s rate hike and trade tensions last week, Bloomberg reported.

“The Rand showed remarkable resilience in September after testing R15.7000 to close the month of at R14.1000. The resilience of the rand also held, even though the US dollar got on the front foot,” Andre Botha, senior dealer at TreasuryONE noted in a market update.

USD/ZAR

 

Now is your chance to make a profit!

Open an account here!

 

***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.

 

HIGH-RISK WARNING:

Trading Forex (Foreign Exchange) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

© Copyright 2015 – CM Trading – All rights reserved

 

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Recent .

Stock of the Week: Apple in huge demand, beats estimates by billions.

Stock of the Week: Apple in huge demand, beats estimates by billions. Apple beat estimates for quarterly earnings by billions of dollars. We look at …

Read More →
Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!  

Stock of the week: Facebook makes CEO Mark Zuckerberg $8 billion in just one week!   It has been a momentous week for Facebook CEO Mark Zuckerberg who …

Read More →
Big Tech earnings roll in – Huge profits for Google, Microsoft and more! 

Huge profits for Google, Microsoft and more! Major big tech companies have released their quarterly earnings. We look at how some of the world’s biggest businesses performed so far this year!     Google, …

Read More →
MetaTrader 4 vs MetaTrader 5 – which is the better platform?
Bitcoin bounces back: Is buying the dip worth the risk?

Bitcoin bounces back: Is buying the dip worth the risk?  Bitcoin has recovered some of its losses following its fall from a record high of $65,000. Considering the crypto king’s astonishing performance in 2021, should …

Read More →
Oil summit: Waste of time
Oil market outlook: bumpy ride ahead?

2020 has been disastrous for the oil markets, however, it appears that oil has recovered most of its losses and is now hovering near pre-pandemic levels. In today’s article we will take a look at oil’s recent performance and explore the opportunities that may lie ahead.

Read More →
Dollar still on ten month lows while AUD gains
Stock Market Forecast: S&P 500, Dow Jones, NASDAQ Predictions and Analysis for 2021

With 2021 just around the corner, financial analysts are offering their outlook on where the stock market is headed in the coming year — and many of these experts are hoping for a bullish outcome. Read on.

Read More →
˄