USDCAD at Five-Month Low, BTC Fresh YTD High

Nikolas Papas

Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).


USDCAD at Five-Month Low, BTC Fresh YTD High

June 27, 2019

Asian indices finished higher today as traders focus turn to G20 meeting in Osaka, Japan. The Nikkei225 finished 1.00 percent higher to 21,297 the Hang Seng benchmark in Hong Kong, finished 0.03 percent higher at 28,510. The Shanghai Composite finished 0.71 percent higher to 2,997, while in Singapore the FTSE Straits Times index finished 0.67 percent higher to 3,323. Australian equities snapped the two-day losing streak to end the session at intraday highs ahead of tomorrow’s G20 Summit in Japan. The ASX200 rose by 0.39 percent to 6666.3.

European equities are trading higher today as markets await the G20 meeting in Osaka Japan. DAX30 is adding 0.54 percent to 12,309, CAC40 is 0.02 percent higher at 5,503 while the FTSE MIB in Milan is trading 0.49 percent higher at 21,160. The London Stock Exchange is 0,11 percent higher to 7,424 amid Brexit uncertainty.

In commodities markets, crude oil consolidates above $59.0 after got a boost yesterday from better EIA report and an increase in geopolitical tensions around the globe. Brent oil trades flat at $66,12 per barrel as major oil producers have yet to agree on adjustments on output. Gold trades lower at 1,404 but holds above all the major daily moving averages, on the upside strong resistance will be met at 1,439 recent high.      

In cryptocurrencies market, bitcoin (BTCUSD) makes another fresh yearly high above 13,000 and retreats back to 12,668 the daily low for BTC was at 11,477 and the daily high at 13,291. Immediate support for BTC stands now at $12,000 round figure while next support stands at 11,500. On the upside, strong resistance now stands at 13,291 today’s high while I expect extra pressure from sellers at 13,500 and then at 14,000. Ethereum (ETHUSD) on the other hand trades lower at 321, with capitalization now to 34.21 billion, on the upside the immediate resistance stands at 342.70 the daily high while the support stands at 300 the previous resistance which now turns into support, Litecoin (LTCUSD) also trades lower at 123. The crypto market cap now stands above $353.0 billion.

On the Lookout: Japan Foreign Investment in Japanese Stocks which dipped from the previous ¥-95.4B to ¥-313.4B on June 21. The Japan Large Retailers’ Sales data came in at -0.5%, better than forecasts of -1.2% for May.

In New Zealand, the ANZ Activity Outlook came in at 8% beating forecasts of 7.8% for June. The disappointment came from ANZ Business Confidence which came in at -38.1 worst than expected of -22.7 for June.

In macro news from America, we await the US weekly Jobless Claims, the first Quarter 2019 Final GDP revision and also the Personal Consumption Expenditure Prices will be released at 12:30 GMT before the Wall Street trading session. Later today the US Pending Home Sales will be published at 14:00 GMT.

Trading Perspective: In forex markets, USD trades higher at 96.36 after the comments from Fed members that calm the markets, the Aussie dollar continues higher for the sixth day at 0.6998, while Kiwi also trades higher at 0.6675 after the RBNZ hold rates.

GBPUSD Daily Chart
GBPUSD Daily Chart

GBPUSD is trading slightly higher at 1.2688 as traders are still cautious around the Brexit developments. Major support now stands at 1.2652 the 200-hour moving average which if broken might accelerate the slide further towards 1.2600 round figure. On the upside, immediate resistance now stands at 1.2717 the 100-hour moving average while more offers will emerge at 1.2815 the 50-day moving average. 

In Sterling futures markets the open interest increased by 1800 contracts while volume shrunk by 25,100 contracts. 

EURUSD trades flat at 1.1370 as the pair rejected earlier this week at 1.14. The pair on Friday broke above the 200-day moving average and that attracted extra bids that pushed the pair up to 1.1390. Immediate resistance for the pair stands at 1.14 round figure. A convincing close above 1.14 can lead prices to 1.1450. Support now stands at 1.1344, the low from Tuesday, while more bids will emerge at 1.1260 the 100-day moving average. 

In euro futures markets, the open interest shrunk by 410 contracts, while volume increased by 60.100 contracts. 

USDJPY trades 0.14 percent higher today at 107.92 having hit the daily low at 107.63 and the daily high at 108.15. USDJPY pair will find support around 107.00 round figure and then at 106.70 the YTD low. On the upside, immediate resistance for the pair now stands at 108.15 the daily high. 

USDCAD trades flat today at 1.3121 close to a five-month low, as the rally continues in crude oil prices, Canada’s main export item seems to have added further strength in the Canadian Dollar (CAD). The pair will find immediate support at 1.31 while extra support stands at 1.3068 the low from February 1st. The pair has reached oversold levels so a rebound can’t be ruled out. On the upside immediate resistance now stands at the 1.32 zone before an attempt to 1.3450 recent high from 31st May. 

USDCAD Daily Chart
USDCAD Daily Chart

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