Each day U.S. Session Watchlist: USD/CAD

Greater oil costs supported the Canadian greenback a couple of buying and selling periods in the past.

Will Powell’s speech scheduled right now convey the main focus (and demand) again to the U.S. greenback?

Earlier than shifting on, ICYMI, right now’s Asia-London session watchlist checked out AUD/JPY for signs of continuation of bullish momentum after an upside breakout. Remember to try if it’s nonetheless a legitimate play!

And now for the headlines that rocked the markets within the final trading sessions:

Contemporary Market Headlines & Financial Information:

BIS: Central bank digital currencies can slash cross border payment time

BOJ policymakers warned of Japan’s recovery delay, China risk

Lockdowns hammer at Australian retail sales in August

Bloomberg: Hong Kong asks banks to report publicity to Evergrande

Firmer greenback and hovering U.S. Treasury yields dents gold costs

Asian markets grapple with Evergrande fallout, eye China power crunch

Germany’s client confidence rebounds from -1.three to 0.three in October

European shares fell as a surge in authorities bond yields pressured high-growth expertise shares

China energy crunch triggers alarm, pleas for more coal

Upcoming Potential Catalysts on the Economic Calendar:

ECB President Lagarde to make a speech at 12:00 pm GMT
U.S. Items commerce steadiness at 12:30 pm GMT
U.S. Home worth index at 1:00 pm GMT
U.S. CB client confidence at 2:00 pm GMT
U.S. FOMC Chairman Powell to offer a speech at 2:00 pm GMT

If you happen to’re not accustomed to the foreign exchange market’s most important buying and selling periods, try our Forex Market Hours device.

What to Watch: USD/CAD

USD/CAD 1-hour Forex Chart
USD/CAD 1-hour Foreign exchange Chart

In case you missed it, crude oil had a GOOD couple of buying and selling periods because it hit $80/barrel on undersupply points.

The headlines elevated the demand for crude-related CAD and dragged USD/CAD again all the way down to the 1.2600 help.

Can the Loonie bulls maintain the bullish stress? Already we’re seeing a falling wedge scenario on the 1-hour timeframe.

There are not any top-tier financial stories scheduled within the U.S. session however FOMC head honcho Powell will give a speech in an ECB discussion board later right now.

If Powell’s speech reminds merchants that his gang is planning on tapering as early as November, then we might see greenback demand that would enhance USD/CAD again to the 1.2700 zone.

If right now’s market themes emphasize crude oil’s provide points, nevertheless, or if Powell reiterates that tightening received’t essentially observe tapering, then USD/CAD can lengthen its short-term downswing and possibly drag USD/CAD to its 1.2500 help.

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