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Main » 2019 » January » 10 » Trading Ideas in the January 10, 2019
13:07
Trading Ideas in the January 10, 2019

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Trading session on Wednesday turned into a significant strengthening of the Canadian dollar, due to which the pair USDCAD has reached its lowest level in 5 weeks, testing the 1.32 support. "Low" of the day amounted to 1.3178. The focus of the traders were meeting of the Bank of Canada, on the basis of which it was decided to keep the key interest rate unchanged at 1.75%. As expected, the higher the interest of traders caused the regulator comments on the prospects of economic growth in Canada in the face of uncertainty in the global economy.

 

 

AMarkets

 

 

Responding to the current risks, the Bank of Canada cut its growth forecast for the national economy in the 4th quarter of 2018 from 2.3% to 1.3%. The forecast for 2019 has also been revised down to 1.7% from 2.1%. At the end of the ensuing press conference the chairman of the regulator Stephen Poloz noted the negative impact on the economy of trade conflict the US and China, as well as outlined the risk of a further slowdown in the growth of wages. Given that household incomes have a direct impact on inflation, slowing it down, it is not surprising that the Bank of Canada chose not to rush to a further increase in interest rates. It is worth noting that such rhetoric could well lead to the depreciation of the Canadian dollar, however, at this time, the negative effect of the speech of the runners was offset by the increase in oil prices and the dollar's weakness. Considering,


USDCAD SellLimit 1,3270 TP 1,3010 SL 1,3330


Brent crude finished the regular session with the increase, entrenched above $ 60 per barrel. By 10:00 Moscow time on Thursday for one barrel of oil is $ 60.79. Contribute to the growth of quotations of optimism about the talks between the US and China, the decline in oil production the key oil exporters, as well as in the US statistics on oil reserves. On the eve of the evening ended with another round of negotiations the US and China on trade issues. Market participants believe that the US president Donald Trump aims to reach an agreement with Beijing to resolve the trade dispute and, thus, support the financial markets, sagging at the end of last year on fears of a trade war. On the side of the oil buyers and comments by Saudi Arabia's readiness to an additional reduction of oil production for the rebalancing of the hydrocarbon market. According to a survey S & P Global Platts, released on Tuesday, the volume of OPEC production in December fell to 630 th. barrels per day to 32.43 million. barrels per day. Another important trigger local growth of the price of oil began to data from the US Energy Information Administration (EIA), according to which the US crude stocks in the week ending 4 January decreased by 1.7 mln. Barrels. Analysts polled S & P Global Platts, predicted decline to 1.4 Mill. Barrels. The day before, the American Petroleum Institute reported a decline in stocks to 6.1 million. Barrels. Given this news background, we believe that the potential for short-term growth of oil has not been exhausted. The goal at the level of $ 65 a barrel is still relevant. Another important trigger local growth of the price of oil began to data from the US Energy Information Administration (EIA), according to which the US crude stocks in the week ending 4 January decreased by 1.7 mln. Barrels. Analysts polled S & P Global Platts, predicted decline to 1.4 Mill. Barrels. The day before, the American Petroleum Institute reported a decline in stocks to 6.1 million. Barrels. Given this news background, we believe that the potential for short-term growth of oil has not been exhausted. The goal at the level of $ 65 a barrel is still relevant. Another important trigger local growth of the price of oil began to data from the US Energy Information Administration (EIA), according to which the US crude stocks in the week ending 4 January decreased by 1.7 mln. Barrels. Analysts polled S & P Global Platts, predicted decline to 1.4 Mill. Barrels. The day before, the American Petroleum Institute reported a decline in stocks to 6.1 million. Barrels. Given this news background, we believe that the potential for short-term growth of oil has not been exhausted. The goal at the level of $ 65 a barrel is still relevant. The day before, the American Petroleum Institute reported a decline in stocks to 6.1 million. Barrels. Given this news background, we believe that the potential for short-term growth of oil has not been exhausted. The goal at the level of $ 65 a barrel is still relevant. The day before, the American Petroleum Institute reported a decline in stocks to 6.1 million. Barrels. Given this news background, we believe that the potential for short-term growth of oil has not been exhausted. The goal at the level of $ 65 a barrel is still relevant.

 

UKOIL BuyLimit 60,20 TP 65,00 SL 59,40


Analytical reviews and comments reflect the personal opinion of the authors and are not a recommendation to trade. Author Artem Deev trader analyst AMarkets.

 

 

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