News, Trends, & Analytics 24.11.2020

Today, the focus is on deteriorating business sentiment in the EU, a new forecast for Tesla, and fundamental disagreements between London and Brussels.

 

Calendar

15:00 UTC

CB’s US Consumer Confidence Index will be released. The indicator is forecast to decrease to 98 points. If the final value is higher than the forecast, the USD will receive positive momentum.

Assets to trade: USD/CHF, EUR/USD

 

News

The US aviation regulator has authorized the operation of the Boeing 737 MAX from January 2021. Affects Boeing


Fundamental differences persist in trade negotiations between London and Brussels. Affects GBP


UK Treasury Secretary Rishi Sunak said there would be no austerity in the country’s new budget. Affects GBP


Business activity in the EU fell to a six-month low. Affects EUR


Investment firm Wedbush raised its target level for Tesla shares to $1,000. Affects Tesla

 

Technical Analysis

GBP/CAD

The EU’s chief negotiator for the UK trade deal, Michel Barnier, said on Monday that fundamental differences remain between the parties. Also on Monday, the UK Treasury Secretary, Rishi Sunak, made it clear that the country’s new budget will not imply active cost savings. The news triggered a decline in the GBP that may continue.

Analysis of the GBP/CAD currency pair shows that the chart may reverse from the downward resistance level. And the target of such a trend may be the level of 1.71000.

NZD/CAD

The currency pair has not exhausted its upside potential within the boundaries of the ascending channel.

CAD/JPY

The asset may continue to fall to the support level of 78.

CAD/JPY on this day in history

  • Since 2000, November 24th has been a trading day 13 times.
  • On 61% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 4.78%.
  • The downward trend was limited to 0.72%.

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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