UM Sentiment Comes In On Schedule
Shain Vernier • 1 min read
It has been a light week of U.S. economic news and the USD is the prime beneficiary. Five-day rallies vs the majors have been the story of early November, with traders snatching up Greenbacks instead of most other assets. Today’s UM Consumer Sentiment Index (Nov.) did little to derail the bull run, coming in as expected.
Aside from more strength in the USD, the markets are mixed. At the half-way point of the U.S. session, the DJIA DOW (-38), S&P 500 SPX (+.87), and NASDAQ (+24) are hovering near flat. Safe-havens are off for the second straight day, led by a ¼ percent drop in gold. For the time being, it appears that traders are hungover from midweek fireworks and are looking forward to the weekend break.
UM Consumer Sentiment Index Hits Its Mark
The only primary market mover scheduled for today’s U.S. session was the UM Consumer Sentiment Index (Nov.). Right on queue, the figure came in at 95.7, just beneath expectations (95.9) but above the previous release (95.5).
Overview: Today’s action in the Loonie has been trend-day-up. Rates are back above the 1.3200 handle and are challenging a key 62% Fibonacci resistance level (1.3229). 1.3229 is the premier level in this market ― if it gives way, be on the lookout for a bullish breakout to the 78% retracement at 1.3280 (not pictured). Right now, the only thing holding the USD/CAD remotely in check is WTI crude oil trading above $57.25 per barrel. Should WTI sell-off, the Loonie is in a position to extend its daily bullish trend.