- February 27, 2020
- Posted by: John Curran
- Category: Market News
Good morning,
USD is up over 104 basis points intraday or .78% respectively from yesterday’s low as covid-19 fears have continued to punish markets and the global stock selloff resumes its eight day in a row. The Dow index has reacted by dropping over 10% from it’s Feb 12 all time high. WTI for next month’s delivery is down to 46.47 / barrel, representing a Feb 2016 low as the market prices in less industrial and overall global demand for oil. Gold continues to act as a hedge against the panic selling with the yellow metal in the mid 1600’s a level nearing 7 year highs. The USDCAD has blown passed major resistance of 1.3328 Nov / Dec 2019 double top with next resistance to look out for at one year in the 1.3383. Overall we are seeing pressure mount on the CAD in favour of the safe haven USD but the market is favouring the EUR now at a new three week high against USD and the JPY has recovered over 2.2% after bottoming out to ten month low 11 days ago.