5 December 2019 Afternoon Session Analysis
Canadian dollar skyrocketed, cash rate unchanged.
The single currency of Canada surged, forcing the pair of USD/CAD plunged to one month low level after Bank of Canada (BoC) remains its interest rate at 1.75% unchanged, similar to majority market participants forecast. The bullish momentum take into effect on Canadian dollar after BoC released a hawkish tilt monetary statement. According to Bank of Canada’s Statement, board of BoC members maintain its interest rate at 1.75% as the projection of global economic outlook is still remain positive, expecting that the economy will able to catch up its potential inflation rate which is 2% over next few years. Besides, financial sector also being supported well by the central bank at the moment while ongoing trade tensions and global uncertainties continue to haunt the development of economy. During Asian trading session, the pair of USD/CAD quoted down 0.08% to 1.3190. On the other hand, the pair of AUD/USD dipped after Retail Sales data disappoints the Aussie market. According to Australian Bureau of Statistic, the data came in at 0.0%, missing the economist forecast of 0.3% while indicating consumer spending has been weakened and economic activity is still being affected by the global uncertainty risk. As of writing, AUD/USD inched down 0.07% to 0.6845.
In the commodities market, crude oil price plummeted 0.31% to $58.15 per barrel after rising for more than $23 yesterday amid a sharp decline in crude oil inventories level and recent news shows that OPEC+ may further cut their oil production by additional 0.40 million barrel per day. As of now, investors are eye on the two days meeting in Vienna which hosted by OPEC in order to gauge the further direction of this black commodity. Besides, gold price rose 0.08% to $1475.00 a troy ounce amid weakening of risk appetite.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 23.00 | CAD – Ivey PMI (Nov) | 48.2 | 53.8 | – |
Technical Analysis
DOLLAR_INDX, H4: Dollar index was traded lower following prior breakout below the previous support level at 97.70. However, MACD which illustrate diminishing bearish momentum suggest the dollar to experience a technical correction towards the resistance level 97.70
Resistance level: 97.70, 98.20
Support level: 97.25, 96.85
GBPUSD, Daily: GBPUSD was traded higher following prior breakout above the previous resistance level at 1.3035. MACAD which display bullish momentum suggest the pair to extend its gains toward the next resistance level at 1.3170.
Resistance level: 1.3170, 1.3315
Support level: 1.3035, 1.2970
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1075. MACD which illustrate bullish momentum signal suggest the pair to be traded higher toward the resistance level at 1.1170.
Resistance level: 1.1170, 1.1240
Support level: 1.1075, 1.1005
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 108.40. MACD which illustrate bullish bias signal with the starting formation of golden cross suggest the pair to extend its gains towards the resistance level 109.00.
Resistance level: 109.00, 109.40
Support level: 108.40, 107.95
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level at 0.6855. MACD which display diminishing bullish momentum signal suggest the pair to be traded lower in toward the support level at 0.6810.
Resistance level: 0.6855, 0.6880
Support level: 0.6810, 0.6770
NZDUSD, H4: NZDUSD was traded lower following prior retracement from the higher level. However, MACD which illustrate ongoing bullish momentum signal suggest the pair to undergo technical correction toward the resistance level at 0.6570.
Resistance level: 0.6570, 0.6600
Support level: 0.6535, 0.6490
USDCAD, Daily: USDCAD was traded lower following prior breakout below the previous support level at 1.3210. MACD which illustrate ongoing bearish bias signal suggest the pair to extend its losses toward the next support level at 1.3145.
Resistance level: 1.3210, 1.3265
Support level: 1.3145, 1.3085
USDCHF, H1: USDCHF was traded lower following prior breakout below the previous support level at 0.9885. MACD which illustrate diminishing bearish momentum with the starting formation of death cross suggest the pair to extend its losses toward the support level at 0.9850.
Resistance level: 0.9885, 0.9915
Support level: 0.9850, 0.9810
CrudeOIL, H1: Crude oil price was traded lower following prior retracement from the resistance level at 58.60. MACD which illustrate bearish momentum suggest the commodity to extend its losses toward the support level at 57.60.
Resistance level: 58.60, 59.70
Support level: 57.60, 56.75
GOLD_, H4: Gold price was traded higher following prior rebound from the support level 1471.65. However, MACD which illustrate bearish signal with the starting formation of death cross suggest the commodity to undergo technical correct in short term.
Resistance level: 1480.95, 1484.70
Support level: 1471.65, 1464.05