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4 May 2016

Oil settles slightly higher despite US inventories build

Crude oil prices started the day with a strong footing, with WTI advancing up to $44.86 a barrel, but the commodity trimmed most of its daily gains after the US government reported that commercial stockpiles rose by 2.8 million barrels in the previous week, almost doubling market's expectations.

West Texas Intermediate oil for June delivery settled or 0.3% higher at $43.78 a barrel.

WTI technical view

“The daily chart shows that the commodity managed to close the day a few cents above a now horizontal 20 SMA, whilst the Momentum indicator turned lower within positive territory, and the RSI indicator stands flat at 56, suggesting an increasing downward potential yet to be confirmed,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the 20 SMA heads strongly lower above the current level, capping the upside now around 44.60, while the technical indicators head nowhere within bearish territory, also supporting the need of additional confirmations before the bearish run begins.”

Support levels: 43.20 42.50 41.80. Resistance levels: 44.60 45.10 45.80.
May 4, 2016

USD/CAD: 1.3500 to cap the rally? - TDS

Analysts at TD Securities noted that, not too long ago, they advocated that USD/CAD upside was beginning to look more attractive. We cautioned, however, that patience would be required amidst a very conflated backdrop in FX.
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May 4, 2016

GBP/CAD holds near 4-week highs

The Canadian dollar plummeted against all of its major rivals on Wednesday, hit by poor local data as the country released a record merchandise trade deficit of 13.4B for March. Canada's trade surplus with the US fell and at 1.53B, is the smallest since late 1993.
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