- January 27, 2020
- Posted by: John Curran
- Category: Market News
Good morning,
Markets shift to safe haven trading as oil, stocks and the Chinese Yuan selloff in favour of the JPY, USD, gold and treasuries. The main catalyst for safe haven trading is heightened concern over the human and economic impact of the Coronavirus. USD/CAD is touching on a new six week high as investors sell the commodity laden CAD in exchange for the safer USD. This week the pair will await a US FED interest rate decision due out Wednesday afternoon for further insight into the FEDs direction on monetary policy, along with a US GDP report on Thursday. USD/CAD support of 1.3060 along with resistance at 1.3233, representing 200 day moving average, will be monitored closely. An update from the FED and the coronavirus will remain key issues for the week.