USDCAD TECHS: Trades Through The 50-Day EMA
Aug-29 07:05
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3868/3925 High Aug 26 / 22 and the bull trigger
- PRICE: 1.3754 @ 08:04 BST Aug 29
- SUP 1: 1.3741 Low Aug 28
- SUP 2: 1.3722 Low Aug 7
- SUP 3: 1.3576 Low Jul 23
- SUP 4: 1.3557/40 Low Jul 3 / Low Jun 16 and the bear trigger
A bull cycle in USDCAD that started mid-June remains in play. However, the latest corrective pullback has resulted in a breach of support at the 50-day EMA, at 1.3777. A clear break of this handle signals scope for a deeper retracement and exposes 1.3722, the Aug 7 low. Moving average studies have recently crossed and are in a bull-mode position, highlighting an uptrend. The bull trigger has been defined at 1.3925, the Aug 22 high.
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MNI: SWISS KOF JUL ECONOMIC BAROMETER 101.1
Jul-30 07:00
- MNI: SWISS KOF JUL ECONOMIC BAROMETER 101.1
MNI: SPAIN JUL FLASH HICP -0.4% M/M, +2.7% Y/Y
Jul-30 07:00
- MNI: SPAIN JUL FLASH HICP -0.4% M/M, +2.7% Y/Y
- MNI: SPAIN JUL FLASH CPI -0.1% M/M, +2.7% Y/Y
- MNI: SPAIN JUL FLASH CORE CPI +2.3% Y/Y
EUROPEAN INFLATION: Spanish Inflation Slightly Higher-than-expected In July
Jul-30 07:00
- Spanish flash July HICP was a tenth above consensus on a rounded basis at 2.7% Y/Y (vs 2.6% cons, 2.3% prior). Core HICP (excluding energy and unprocessed foods) was estimated at 2.3% Y/Y (vs 2.2% prior).
- Flash CPI was also 2.7% Y/Y (vs 2.4% cons, 2.3% prior), with core CPI at 2.3% Y/Y (vs 2.2% cons and prior).
- The slighty higher-than-expected core CPI reading suggests services, non-energy industrial goods or processed foods components were behind the surprise in July, even if most of the annual acceleration came from energy. The press release notes that the Y/Y increase “is mainly due to the increase in electricity prices, compared to the decrease in July 2024 and, to a lesser extent, to the increases in fuel prices”.
- There was some uncertainty amongst analysts on the impact of public transport prices on July inflation, but unfortunately there is no colour on core components in the flash release. Final July data is due on August 13.
- For context, Spain represents 12% of the Eurozone HICP basket in 2025
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