- January 23, 2019
- Posted by: Joey Benedid
- Category: Market News
Global equities are trading on a firmer note this morning with oil rebounding and the dollar index sliding lower as market participants remain indecisive resulting in general consolidation from recent volatility. The BoJ did not change rates and there has been little news overnight dulling the collective senses of the market.
USD/CAD effectively reached the 38.2% Fibonacci retracement level late yesterday afternoon and has retraced lower towards 1.3300 as we await Canadian retail sales date at 8:30 AM EST. A negative print is anticipated but with these numbers being nearly 2 months in retrospect the resulting effect of this data on the currency may be muted given current market concerns. Points of interest remain at 1.3365 & 1.3391 above and 1.3281 followed by 1.3233 below.