Technical Analysis


USMCA sends the loonie soaring.

No surprise, Canada’s agreement with the US over the weekend has the CAD as the strongest of the majors.  The NZD is the weakest. The USD is higher vs all the majors  (and moving higher in early NY trading) with the exception of the CAD.

The ranges and changes show the USD gap lower and continue trend lower with the price down -99 pips. The range of 100 is for the trading day (from 5 PM ET Sunday). The range from the close on Friday (inclusive of the gap opening) is around 114 pips. The other major pairs have more modest trading ranges (all below their 22 day averages). 


In other markets at the NY opening:
  • Spot gold is down -$5.94 or -0.50% at $1186.67
  • WTI crude oil is up $0.15 or 0.20% at $73.39
  • Bitcoin is down -$8.30 at $6553.  The price is just below the 100 day MA at $6750

In the US pre-market stock market, the futures are implying sharply higher levels:

  • The Dow is up 192 points
  • The S&P is up 16.5 points
  • Nasdaq is implying a 50 point rise. 

Tesla shares jump on news of a SEC settlement.  Shares are up $47 to $311.50.

IN the US debt market:

  • 2 year 2.827%, up 0.8 bps
  • 5 year 2.968%, up 1.5 bps
  • 10 year 3.079%, up 1.8 bps
  • 30 year 3.226%, up 2.1 bps

In the European benchmark 10 year yields are higher:

  • Germany 0.499%, up 2.9 bps
  • France 0.835%, up 3.1 bps
  • UK 1.589%, up 1.6 bps
  • Spain, 1.516%, up 1.6 bps
  • Italy 3.19%, up 4.3 bps
  • Portugal 1.888%, up 1.0 bps



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