ASIA: Coming Up in Asia Today
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OIL: US Inventories Lower After Previous Build
After rising the previous week, Bloomberg reported US oil inventories fell 3mn barrels last week, according to people familiar with the API data. Key hub Cushing fell 0.4k and product stocks were also lower with gasoline down 0.2k and distillate 1mn. The official EIA data is out on Wednesday. With the market expected to be in surplus, inventory data are being monitored.
ASIA: Coming Up In Asia Pac Markets On Wednesday
| 0050BST | 0750HKT | 1050AEST | Japan Sep Trade Data |
| 0100BST | 0800HKT | 1100AEST | Australia 2035 Bond Sale |
Source: Bloomberg Finance L.P./MNI
USDCAD TECHS: Bullish Cycle
- RES 4: 1.4200 Round number resistance
- RES 3: 1.4167 50.0% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.4111 High Apr 10
- RES 1: 1.4080 High Oct 16 and the bull trigger
- PRICE: 1.4027 @ 15:46 BST Oct 21
- SUP 1: 1.3972/3895 20- and 50-day EMA values
- SUP 2: 1.3818 Bull channel base drawn from the Jul 23 low
- SUP 3: 1.3727 Low Aug 29 and a bear trigger
- SUP 4: 1.3689 Low Jul 28
The trend condition in USDCAD remains bullish and the pair is trading closer to its recent highs. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on 1.4111, the Apr 10 high, and further out, scope is seen for an extension towards 1.4167, a Fibonacci retracement. First key support lies at 1.3895, the 50-day EMA. Support at the 20-day EMA lies at 1.3972.
