We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News Despite weaker oil prices, USDCAD struggles above 1.3400; US midterm election updates are in focus

Despite weaker oil prices, USDCAD struggles above 1.3400; US midterm election updates are in focus

The USDCAD oscillates near a multi-day low and has gained bids recently. USDCAD bears are challenged by the US election results and China's covid circumstances. Rebounding DXY and rising inventories impact on oil prices. Before the US CPI, BOC's Mackem examines risk catalysts for potential direction.

Alina Haynes
2022-11-09
615

截屏2022-11-09 下午4.15.27.png 

 

The USDCAD is trading near 1.3450 ahead of Wednesday's European session amid volatile market conditions. In addition to covid worries from China and a cautious mood before of the important data/events, the concern over the US government shutdown has restrained the Loonie pair's recent movements.

 

However, weaker prices of Canada's primary export, particularly WTI Crude Oil, encourage USDCAD bulls. The energy benchmark has declined for three consecutive trading days, falling 0.85% intraday around $87.75 as of press time.

 

Elsewhere, the US Dollar Index (DXY) registers modest gains near 109.70 amid rising fears of a US government stalemate due to the most recent election results. In addition to the stories predicting a six-month high in China's covid rate and further virus-driven lockdowns, the market's worries and the USDCAD exchange rate may be fueled.

 

S&P 500 Futures struggle to mirror Wall Street's gains and US 10-year Treasury rates remain bearish after breaking a four-day downtrend the day before.

 

It should be emphasized, however, that the apprehension around Thursday's US Consumer Price Index (CPI) for October and a speech by the Governor of the Bank of Canada (BOC), Tiff Macklem, poses a challenge to pair purchasers. The cause may be related to recent contradictory US statistics and Fedspeak, as well as the BOC's slowing of rate hikes.

 

A one-week-old declining trend line illustrates the recent weakening of the USDCAD pair. The bearish MACD signal and the evident breach of the prior support line from early October also give sellers reason for optimism. In addition, the pair's continuous trading below the 200-SMA strengthens the bearish outlook.

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free