- April 3, 2018
- Posted by: Joey Benedid
- Category: Market News
Most G7 currency pairs have traded within tight ranges in the overnight session once again as markets regain near-full capacity after the Easter long weekend with holidays looming in China & on the Jewish calendar. Global equity markets remain under pressure as the S&P 500 closed below its 200 day moving average yesterday for the first time in nearly 2 years while the Dow flirted with its 200 day but managed to hold above it for the close. With no economic data releases of note on tap for today markets will likely remain lack luster barring any trade war headlines.
USD/CAD remains range bound and has given up gains from yesterday on a headline stating the U.S. is pushing for a preliminary NAFTA deal to be announced at a summit in Peru next week. Again, the proof will be in the pudding as we will need to see details since it is unlikely Canada will receive a better deal than we already have and initial gains for the Canadian dollar will likely recede over time. Pivot points remain 1.2800 & 1.2950 until further notice.