CAD Falls Broadly after GDP, Markets Lag Direction Elsewhere

Action Insight Mid-Day Report 11-29-22

CAD Falls Broadly after GDP, Markets Lag Direction Elsewhere

Canadian Dollar falls broadly after weaker than expected GDP data. Dollar and Swiss Franc are also weak on steady market sentiment. Australia and New Zealand Dollar are currently the strongest ones, followed by Sterling. But all three are just staying in range against the greenback. Euro is also relatively directionless with mixed trading with Yen together.

Technically, CAD/JPY is extending the fall from 110.87. Such decline is seen as a correction to the up move from 84.65. Downside could be contained by 101.39 support zone (38.2% retracement of 84.65 to 110.87 at 100.85) to bring rebound, at least on first attempt. But overall, further fall will remain in favor as long as 104.52 minor resistance holds.

In Europe, at the time of writing, FTSE is up 0.67%. DAX is up 0.05%. CAC is up 0.18%. Germany 10-year yield is down -0.053 at 1.943. Earlier in Asia, Nikkei dropped -0.48%. Hong Kong HSI rose 5.24%. China Shanghai SSE rose 2.31%. Singapore Strait Times rose 1.12%. Japan 10-year JGB yield dropped -0.038 to 0.254.

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Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol

USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.3420; (P) 1.3462; (R1) 1.3539; More....

USD/CAD's rise from 1.3224 resumed by breaking through 1.3494 resistance finally. The development adds to the case that correction from 1.3976 has completed at 1.3224. Intraday bias is now back on the upside. Further break of 100% projection of 1.3224 to 1.3494 from 1.3315 at 1.3585 should prompt upside acceleration to 161.8% projection at 1.3752. This will now remain the favored case as long as 1.3315 support holds, in case of retreat.

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EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD

EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY

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Economic Calendar
GMT Ccy Events Actual Forecast Previous Revised
23:30 JPY Unemployment Rate Oct 2.60% 2.60% 2.60%
23:50 JPY Retail Trade Y/Y Oct 4.30% 5.00% 4.50% 4.80%
08:00 CHF GDP Q/Q Q3 0.20% 0.20% 0.30% 0.10%
09:30 GBP M4 Money Supply M/M Oct 0.00% 0.80% 2.10%
09:30 GBP Mortgage Approvals Oct 59K 60K 67K
10:00 EUR Eurozone Economic Sentiment Nov 93.7 93 92.5 92.7
10:00 EUR Eurozone Industrial Confidence Nov -2 -0.8 -1.2
10:00 EUR Eurozone Services Sentiment Nov 2.3 3.4 1.8
10:00 EUR Eurozone Consumer Confidence Nov F -23.9 -23.9 -23.9
13:00 EUR Germany CPI M/M Nov P -0.50% 2.00% 0.90%
13:00 EUR Germany CPI Y/Y Nov P 10.00% 10.90% 10.40%
13:30 CAD GDP M/M Sep 0.10% 0.20% 0.10%
14:00 USD S&P/Case-Shiller Home Price Indices Y/Y Sep 10.70% 13.10%
14:00 USD Housing Price Index M/M Sep -1.20% -0.70%
15:00 USD Consumer Confidence Nov 100 102.5