Forex Signals Brief for Oct 19: Retail Sales and CPI to Drive the CAD
Rowan Crosby • 2 min read
The feel in markets yesterday was certainly a little on the risk-off side. Stock markets closed lower as the short bounce seemed to falter.
The USD continues to get bid up as the outlook is for a strong US economy. The talk around Wall Street yesterday, was simply how well things are going on the back of US President Trump’s tax cuts. There were even some calls that inflation might start getting out of hand if the trend continues. That’s sure to keep the USD bid up for the time being.
Today the focus turns onto the Canadians as we get a good look at their economy. They have two top-tier events later today, in retail sales and CPI.
While in the US, we have existing home sales. The data is pretty thin out of Europe today and I assume the attention will continue to be on Brexit.
Forex Signal Update
It was another strong performance from the FX Leaders Team as the boys finished with 5 wins with only the 1 loss in what was a strong day of trading.
CAC – The CAC has plenty of support below and we might get sucked towards that level.
EUR/JPY – The EUR/JPY has been grinding lower, slowly but surely, however, we are running into support which should see some buying come in.
DAX – Pending Signal
The DAX has been falling in-line with Wall Street and other markets. However, we have been bouncing off some technical levels. We have another big support level just below, so let’s keep an eye on this today.
Bitcoin – Closed Signal
Bitcoin has been in our portfolio for some time, however, it appears the signal has been closed. It says that we got stopped out, but price wasn’t really near the exit. I suspect this was a system error.