Market News and Charts for October 26, 2018
Hey traders! Below are the latest forex chart updates for Friday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
CAD/JPY
As more industrialized countries are raising their interest rates to sustain the growth of their economy, Canada has another way of supporting its growth, and that was through Human Stimulus. In the past 6 decades, migration had increased dramatically, which boosts the pillar of growth for Canada. Japan, on the other hand, was cooperating China as the United States disconnect itself from the world. Expect the pair to further go down in its support level.
GBP/JPY
The Pounds will continue to weaken as the United Kingdom was preparing its proposal for the Brexit. The head of the members of the European Union will meet on November 6, 2018, for the Economic and Financial Affairs Council in Brussels, Germany. While the UK was in a position of uncertainty, Japan as making a move to strengthen its position globally by partnering with China regarding trades, which will counter Trump’s trade war.
AUD/NZD
The currency in the pair was the most affected by Trump’s trade war with China. Both the countries consider China as their number 1 trading partner. But among the two, the New Zealand Dollar was more susceptible to small movement in the price of goods being imported from China as China accounts for 27.6% of their total import compared to 17.86% with Australia. Expect the pair to further go down as a major support level had been broken.
EUR/CAD
The Euro is expected to bounce back from its support level as Brexit Secretary from the UK made a statement that the EU and the UK are near in closing a deal. This will reduce the uncertainty being questioned by investors over investing in the European Union. Still, a downtrend was intact with Canada being able to formally close a deal with the United States and Mexico resulting in the creation of USMCA (United States, Mexico, Canada) from NAFTA (North American Free Trade Agreement).
