CANADA: PM Confirms China Visit After First Leaders' Meeting Since 2017
Oct-31 10:48
(MNI) London - Sino-Canadian relations have shown initial signs of improvement following a meeting between PM Mark Carney and Chinese President Xi Jinping in South Korea. The talks marked the first formal meeting between the leaders of the two countries since 2017. The talks will be viewed as a sign of Ottawa's aim of improving ties, which have been extremely strained since the arrest of a Huawei executive in 2018 and a tit-for-tat trade war that escalated late in 2024.
- Carney confirmed that he had accepted an invitation to visit China, although he did not say when this would take place. At talks, lasting around 30 mins, Carney said to Xi, “In recent years, we have not been as engaged. Distance is not the way to solve problems – not the way to serve our people with people-centric growth, as you have advocated", adding "... it’s through this constructive and pragmatic dialogue that we will address a path for current issues, that we will establish a road to seize the many great opportunities between our countries”.
- China's Xinhua reports Xi stating the two governments should, "...promote the development of China-Canada relations based on the common and long-term interests of both countries. They should adhere to mutual benefit and win-win cooperation, and expand pragmatic cooperation in areas such as trade, economy, and energy."
- For Canada, securing a deeper partnership on trade in goods and energy would be viewed as a significant win, given the massive deterioration in diplomatic and trade ties with the US in recent months.
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OUTLOOK: Price Signal Summary - WTI Futures Remain Below Resistance
Oct-01 10:47
- On the commodity front, the trend condition in Gold is unchanged and a bull cycle remains in play. The yellow metal has traded to a fresh cycle high this week, confirming a resumption of the primary uptrend. Note that moving average studies are in a bull-mode position, highlighting a dominant uptrend. Sights are on $3909.4, a 2.00 projection of the May 15 - Jun 16 - 30 price swing. On the downside, support to watch lies at $3646.3, the 20-day EMA. A pullback would be considered corrective.
- In the oil space, WTI futures have pulled back from their recent gains. The contract has recently breached $65.43, the Sep 2 high and this has potentially improved the S/T condition for bulls. However, the next key resistance is at $68.43, the Jul 30 high, where a break is required to signal scope for a stronger recovery. For bears, a clear reversal lower would refocus attention on key support at $60.85, the Aug 13 low. A break of this level would reinstate the downtrend.
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Oct-01 10:43
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OUTLOOK: Price Signal Summary - USDJPY Corrective Pullback Extends
Oct-01 10:37
- In FX, the trend theme in EURUSD remains bullish and the pullback between Sep 17 - 25, appears corrective. Support to watch lies at 1.1684. the 50-day EMA. It has been pierced, a clear break of this average would signal scope for a deeper retracement and expose 1.1574 initially, the Aug 27 low. For bulls, a clear resumption of gains would refocus attention on 1.1923, a 2.00 projection of Feb 28 - Mar 18-27 swing. Initial firm resistance to watch is 1.1820, the Sep 23 high.
- The bear cycle in GBPUSD that started Sep 17, remains in play and the latest bounce - for now - appears corrective. Recent weakness resulted in a break of a trendline drawn from the Aug 1 low. This undermines a recent bullish theme. Note too that 1.3333, the Sep 3 low and a key support, has been pierced, opening 1.3282 next, the Aug 6 low. Initial key resistance to watch is 1.3537, the Sep 23 high. A break of it would signal a reversal.
- USDJPY continues to weaken as the retracement from last week’s high print extends. The move down - for now - appears corrective. However, support at 147.60, the 50-day EMA, has been pierced. A clear break of it would expose pivot support at 145.49, the Sep 17 low. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would signal scope for a climb towards key resistance at 150.92, Aug 1 high.
