World’s biggest oil producing nations fail to reach a deal in Doha; CAD impacted.
The Canadian currency strengthened somewhat against U.S. dollar during Friday’s trading session. This was caused by weaker than expected industrial production data in the US. This sector decreased significantly in March, which indicates that there are ongoing problems. Additionally, the values for the previous period were revised downward. Nevertheless, the pair started the new week rebounding sharply. Oil prices dropped after the major oil-producing countries could not reach a deal to cap production at a summit in Doha, Qatar. Aside from just impacting oil prices, the Canadian dollar fell against its U.S. counterpart. The Doha summit may continue to impact this currency pair for quite some time.
Resistance: 1.3000, 1.3056, 1.3117
Support: 1.2900, 1.2851, 1.2794
During Friday’s trading, this currency dropped significantly thanks to a better than anticipated industrial production report in Japan. This morning the pair continued to plummet thanks to the failed Doha summit. However, not all was lost for the Aussie as solid data on new motor vehicle sales propped the currency back up. Market participants are waiting for the RBA to release its Monetary Policy Meeting Minutes at 1:30 GMT Tuesday.
Resistance: 83.18, 83.72, 84.64
Support: 82.46, 81.84, 81.18
Major stock markets in Europe showed minimal change by the end of Friday’s trading, as investors keenly waited for the all-important Doha meeting. However, China produced excellent data in three key sectors on Friday, which should affect the global stock indices during Monday’s trading. The nation’s retail sales, industrial production and GDP grew significantly more in March than most experts forecasted. Global stock indices will most likely start the week with a sharp drop-off as the failed Doha meeting will should weigh heavily on the energy sector. Lastly, the Bundesbank’s report scheduled for 10:00 GMT should impact the markets as well.
Resistance: 6325.91, 6354.07, 6393.24
Support: 6262.33, 6217.06, 6172.73
Precious metal prices rose during Friday’s session as the USD weakened. This came about thanks to poor industrial production figures and a weaker than anticipated consumer sentiment report. Additionally, Japanese investors increased their demand for gold, which helped prop up the precious metal. Today, the the commodities market will take center stage as the Forex market will probably endure a quitter day.
Resistance: 1239.30, 1243.93, 1250.31
Support: 1231.52, 1224.89, 1217.79