Trading prepare for 19/05/2017: Monetary markets were calm over night, which can be attributed to the lack of events today. After the US stock markets managed to bounce, the over night session in Asia was calm also. Shanghai Composite lost 0.1%, however Nikkei was up 0.3 %. The currency market moves in flat drifts, only Crude Oil gains slightly.On Friday 19th of May, the event calendar is light in crucial economic releases, but market individuals will take note of Customer Cost Index and Retail Sales from Canada.
Commodity traders will wait for Baker Hughes U.S. Rig Count later in the day.USD/ CAD analysis for 19/05/2017: The Consumer Price Index and Retail Sales data from Canada are arranged for release at 12:30 pm GMT. Worldwide investors expect the CPI to increase from 0.2 %to 0.5%on a month-to-month basis and
from 1.6 %to 1.7%on a yearly basis. The Retail Sales are likewise expected to increase after a 0.6% drop last month and the anticipated reading is 0.4%. The bigger advance in CPI means that more space is left for Bank of Canada to keep the low-interest rate policy for a longer time period. The existing BoC inflation forecasts are at the level of 2.0 %or above, so there is still a long time to await more data while keeping the wait-and-see approach.Let’s now take a look at the USD/CAD technical photo on the H4 timeframe. The marketplace is still trading within a tight horizontal zone in between the levels of 1.3575 -1.3668, however the market conditions are oversold, so there is still a chance for another test of the resistance.
The momentum is rather flat, but the cost is still trading above the 200-period moving average. In case of a further downside breakout, the next technical assistance is seen at the level of 1.3529 at the 61%Fibo at the level of 1.3508. Market picture: Crude Oil erases the losses Crude Oil is trading simply listed below the crucial technical resistance at the level of $49.93. Any breakout above this level will cause
the test of the next technical resistance at the level
of$50.23. This is the line in the sand for bears, as any offense of this level will show the bullish camp remains in control over this market. The next target for them would be at the level of $51.61. Market picture: Gold declined at technical resistance
The costs of Gold are now evaluating the 38%Fibo at the level of$
1,245 after being declined at the technical resistance at the level of $1,264. The instant resistance is seen at the level of $1,253 and due to the weak upside momentum, the predisposition remains to the disadvantage up until the market will strike the oversold levels again. Market snapshot: SPY is bouncing after sell-off The prices
of SPY (SP500 ETF)are now bouncing greater
after the sell-off to the level of 235.39. The cost is trading in a variety between the levels of 237.71 and 235.39 in oversold market conditions. More horizontal rate action is expected in this market unless the political circumstance in the United States gets worse. The material has been provided by InstaForex Company-www.instaforex.com