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Friday, February 05, 2021

The Loonie remains anchored around 1.2800 with one eye...

The Loonie remains anchored around 1.2800 with one eye...

The Loonie remains anchored around 1.2800 with one eye on crude prices and the other on the upcoming Canadian labour report which could push up price. And as for the dollar it could purely be a case of consolidation ahead of the monthly BLS update, but also a function of external factors and perhaps some technical impulses given the fact that the DXY failed to sustain upward momentum towards the next bullish chart target in the form of the 100 DMA (91.839 as of today) having eclipsed Thursday’s peak by a fraction at one stage (91.600 vs 91.581), and is now back below 91.500 nearer a 91.329 low. However, the US Treasury yield backdrop and curve profile is also a tad less supportive, oil remains on the boil and precious metals are trying to find a footing after their fall from grace, with Gold back on the USD 1800/oz handle, albeit just and Silver straddling Usd 26.50/oz.



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