- April 12, 2018
- Posted by: Joey Benedid
- Category: Market News
Trump took to Twitter again last night, appearing to back pedal slightly on his Syrian rhetoric stating that he had not given a time line for an attack. With this geopolitical uncertainty, dollar gains have been tempered by the potential US-Russian clash over Syria. Dollar gains were sourced from yesterday’s FOMC minutes highlighting that all FED members see higher GDP and inflation moving forward and expect more hikes throughout 2018 and the coming years. The minutes also showed an uneasiness amongst the FED members view on the Trump administration’s fiscal and trade policies. With news from the Middle East at the forefront, a possible US-China trade war has taken a back seat for the time being.
North of the border the next significant point of interest will be the BoC rate decision on Wednesday April 18th where expectations are they will hold rates at 1.25%. Next Friday’s Canadian CPI numbers should garner more interest from investors. On the charts daily RSI (Relative Strength Indicator) currently sits at 34.5 and short term support remains 1.2500 with resistance at 1.2630 where the 200-day moving average resides.