EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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No, I wrote yesterday " I warned CMC clients yesterday in the event of a 75-bp cut, CAD downside is expected to broaden, with USDCAD likely to overshoot to as high as 1.2720-40 before a retreat towards 1.2660s is guided by rallying equities". That means that USDCAD would have a kneejerk reaction higher (CAD lower) towards 1.2740s then drops back down (CAD goes back up) and that is what happened. It is hard to foresee USDCAD regaining 1.30 in the short0term, unless of course stocks drop another 4 to 5%.
Ashraf
See below, that means usd/cad is in uptrend, to break 1.3 eventually to go beyond? Pls advise. Have a happy holiday.
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December 10, 2008 08:37: I warned CMC clients yesterday in the event of a 75-bp cut, CAD downside is expected to broaden, with USDCAD likely to overshoot to as high as 1.2720-40 before a retreat towards 1.2660s is guided by rallying equities. USDCAD topped out at 1.2740s before retreating below 1.26. Current decline in risk aversion and modest rally in commodities may extend losses in USDCAD towards 1.2520s, leaving resistance intact at 1.2720.
Simply put, quantitative easing means central banks willl pump up liquidity with the goal of targetting the quantity of money rather than its price (interest rates). Looks like the Fed is already doing it.This is generally negative for currencies as a whole and helpful for gold in the long run. At times of short term recoveries in stocks, USD and JPY are seen as the big losers while CAD, AUD and NZD are preferred. Note how the JPY is holding quite firm, keeping all JPY crosses under pressure.
Ashraf