Monday, April 4, 2016
As a Brit I well understand the deep admiration the Canadians have for their powerful neighbors south of the border, even if it is not always expressed. The good news in this update is that now is the time to “put your money where your mouth is” when it comes to admiring the Yanks, by changing your Canadian dollars immediately into US dollars, the prime reason being that the Canadian looks set to drop after a big rally from mid-January, while the US dollar looks set to surprise by rallying away from the danger zone of the support around 93 on the dollar index. (more)
Price is currently holding below $1212 – $1210.
Initial resistance begins near $1225 and extends higher towards $1228. Above that lies $1237-$1240.
Watch out if that low near $1205 were to give way. There still remain a large number of spec longs in this market. (more)
|MONDAY, APRIL 4|
|10 am||Factory orders||Feb.||-1.6%||1.6%|
|TUESDAY, APRIL 5|
|8:30 am||Trade deficit||Feb.||-$46.2 bln||-$45.7bln|
|10 am||ISM nonmanufacturing||March||54.5||53.4|
|10 am||Job openings||Feb.||--||5.5 mln|
|WEDNESDAY, APRIL 6|
|8:30 am||Weekly jobless claims||4/2||271,000||276,000|
|3 pm||Consumer credit||Feb.||--||$10.5 bln|
|FRIDAY, APRIL 8|
|10 am||Wholesale inventories||Feb.||--||0.3%|