Canada's economy, which unexpectedly shrank in the first quarter, will avoid a recession this year as employment growth buoys consumer spending, the Organization for Economic Cooperation and Development said. Tougher environmental rules governing production from Canada's oil-sands region will contribute to a global crude supply crunch, Total SA Chief Executive Officer Christophe de Margerie said. Here's one I didn't have earlier thats important The Canadian dollar fell for a fourth day, touching the lowest in almost a month, amid speculation the Bank of Canada will cut interest rates next week.
Larger picture on U/CAD shows continued uptrend but a significant pulback needs to happen before I'd enter a swing buy. Distant target could be as high as 0275 by this time next week.
The tendline as per attachment has held for now although given other technical indications and fundamentals the line could be breached but I won't consider a swing buy until a further pullback. I scalped the sell at 73 due to wanting to trade a sell from higher hights or go with what appears to be an uptrend from a lower entry.
EUR/JPY seems to be moving nicely to a target area and should bounce at the red line enough to place stop at 0 unless the travel of the pair co-incides with a significant news deviation that causes it to push through the line un-noticed, a rare happening from what I've seen.
EUR/JPY should stall soon at 164.62 now providing a good sell opp. Won't touch it until it breaches 70 though. EUR/CAD is high as well, just sold that at 5851
June 5 (Bloomberg) -- Canadian building permits soared 15 percent in April, the biggest gain in almost a year, as construction plans for apartments and condominiums increased across the country. June 5 (Bloomberg) -- The number of Americans filing first- time jobless claims unexpectedly fell last week, possibly reflecting the closure of government offices for the Memorial Day holiday. Initial jobless claims decreased by 18,000 to 357,000 in the week that ended May 31, the lowest level in more than a month, the Labor Department said today in Washington. While the figures are adjusted for seasonal variations, holidays make it more difficult for Labor to estimate the changes. The level of claims indicates the job market is weakening without collapsing as deteriorating demand has led employers to pull back on hiring rather than carry out mass firings of the scale seen in past recessions. Rising joblessness, falling home values and higher fuel costs raise the risk that consumer spending will falter.
Pattern on minute charts of E/J seems to leave room for more appreciation so in light of the breach of the trendline probably due to US data(although larger scale Elliot Wave shows continuation up probable to), it's better that one be careful looking for a bounce down before continuation up. Should happen soon though, EUR/USD seems ready to take a rest temorarily. Re the chart earlier, I note that the EUR/J had several bounces off the line so a breach was due as lines don't hold forever... The more distant line seems the target now, above 165 sometime this week.
Partial is out of EUR/CAD sell trade at 5824 It also shows an uptrend pattern on larger scale that could appreciate quite a bit higher so a buying opportunity on a dip of about 5755-60 will be to watch for.
Stopped at 0 on rest of E/Cad Waiting to see if E/U reaches higher after it's pause. Possible target 5575ish. EUR/AUD remains high and is worth watching for a retracement entry, either at higher top or at confirmed reversal. I see niether yet. EUR/GBP seems high and could soften over the next few hours.
Sold EUR/USD at 5572 with 25 pip stop and target of 5505ish. EUR/CAD seem like it could be done at 5870 area and worth risking a 40 pip stop for about a 100 pip target for those willing to risk trading against larger trend.