Bank stocks are on the front foot and leading indices higher, following a decent beat from HSBC.
In Stoxx600,. Banks are up 1.26%, and SX7E also gaped higher on the cash open.
VGM3 sees resistance at 4347.00, ahead of the April double top at 4363.00.
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The current bear cycle in USDCAD remains in play and the pair continues to weaken. This week’s bearish extension has resulted in a break of the 50-day EMA and 1.3562, the 50% retracement for the Feb 2 - Mar 10 rally. The move lower signals scope for a continuation towards 1.3491, the 61.8% retracement. On the upside, initial firm resistance is seen at 1.3649, the 20-day EMA.