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Forex: USD/CAD trading negatively after upbeat US data

The USD/CAD has had a very narrow trading range today, operating in a 26-pip consolidation between 1.0000 and 1.0026. After the publication of some upbeat US data, the pair was seen trading negatively and settling at 1.0011/13, down -0.07% Thursday during the onset of American trading. Concerning the CAD, the price of crude has also staged a recovery, negotiating a value of USD $93.27 in these moments.

In the United States, Initial Jobless Claims (February 10) have come in at only 341K, against a consensus of 360K. In addition, Continuing Jobless Claims (February 3) were reported at 3.114M, against estimates calling for 3.200M.

Briefing the technicals, the ICN.com analyst team points to supports at 1.0005, 0.9980 and finally 0.9940. On the positive side, a break above 1.0030 will trigger resistances at 1.0055 and 1.0088.

Forex Flash: Credit gridlock scenario – Goldman Sachs

A sluggish post-bust recovery, ultra-low risk-free yields and significant corporate surpluses have meant that non-financial corporate credit has been the asset of choice for many investors in the post-financial-crisis period. EM sovereign credit, while a smaller and less liquid market than US corporate credit, shares similar features. According to the Economics Research Team at Goldman Sachs, “As a consequence, a steady tightening in spreads and the ultra-low level of risk-free yields have pushed yields on corporate credit and EM US Dollar credits to decade lows.”
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Forex: GBP/USD hovering around 1.5500

After falling to a fresh 6-month low sub-1.5500, the GBP/USD managed to stabilize in a narrow range at the beginning of the American session, with the latest report on US jobless claims having no impact on the cross.
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