News, Trends, & Analytics 09.10.2020

Today, the focus is on OPEC’s forecasts for a recovery in oil demand, growth in McDonald’s sales, as well as Donald Trump’s new position on economic incentives.

 

Calendar

12:30 UTC

A report on employment change in Canada will be published. The indicator is forecast to grow by 156.6 thousand. If the real data turns out to be higher, CAD will receive a positive impulse.

Assets to trade: EUR/CAD, CAD/JPY

 

News

OPEC is betting on a recovery in oil demand by 2030. Affects Brent


McDonald’s reports sales growth in the third quarter. Affects McDonald’s


US President, Donald Trump, is ready to approve the allocation of funds for payments to Americans, as well as to support the most affected industries. Affects USD


IBM plans to spin off one of its divisions into a separate public company. Affects IBM


In the United States, the number of applications for unemployment benefits continues to grow. Affects USD

 

Technical Analysis

S&P 500

On the day Donald Trump left the Walter Reed Medical Center where he received treatment for COVID-19, he refused to negotiate with Democrats. The news immediately hit oil and the stock market. However, a day later, Donald Trump nevertheless changed his mind and announced his readiness to sign a bill providing the allocation of funds for relief payments to American citizens.

In the meantime, the S&P 500 is giving an upside signal in the form of an inverted head and shoulders pattern.

NZD/CHF

The weakness of the bulls is shown by the fact that the asset did not once again test the upper border of the range. Therefore, we expect the downtrend to activate.

EUR/CAD

A false breakout of the 1.56500 resistance level was a sign of an emerging bearish trend. Please note that the currency pair has broken the upward support level. We believe that the negative trend will only grow stronger.

 

EUR/CAD on this day in history

  • Since 2000, October 9th has been a trading day 14 times.
  • On 35% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 1.54%.
  • The downward trend was limited to 1.33%.

Risk warning:

The information provided does not constitute a recommendation to carry out transactions. When using this information, you are solely responsible for your decisions and assume all risks associated with the financial result of such transactions.

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