CAD - BULLISH
1️⃣ WTI crude futures pared early losses to trade above $40 a barrel on Wednesday, on the back of IEA forecasts which showed crude inventories will likely fall by 4.1 million barrels a day in the fourth quarter of the year and a weaker dollar.
2️⃣ Governor Macklem added that the BoC is not actively discussing negative interest rates but they are a tool the bank could use in case it needs to do more to tackle economic challenges caused by the pandemic.
3️⃣ CAD gathers strength on impressive Canadian jobs report. Unemployment Rate in Canada declined to 9% in September.
JPY - BEARISH
1️⃣ Stability in the equity markets undermined the safe-haven JPY.
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TECHNICAL
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- We're looking to long this pair on RBS level + fibo retracement 50.0% on H1 chart.
- CADJPY in bullish zone.
1️⃣ WTI crude futures pared early losses to trade above $40 a barrel on Wednesday, on the back of IEA forecasts which showed crude inventories will likely fall by 4.1 million barrels a day in the fourth quarter of the year and a weaker dollar.
2️⃣ Governor Macklem added that the BoC is not actively discussing negative interest rates but they are a tool the bank could use in case it needs to do more to tackle economic challenges caused by the pandemic.
3️⃣ CAD gathers strength on impressive Canadian jobs report. Unemployment Rate in Canada declined to 9% in September.
JPY - BEARISH
1️⃣ Stability in the equity markets undermined the safe-haven JPY.
=====
TECHNICAL
=====
- We're looking to long this pair on RBS level + fibo retracement 50.0% on H1 chart.
- CADJPY in bullish zone.