Skip to content

XTB TRADEBEAT

Stocks volatile after declines; CAD surges on NAFTA hopes

Summary:

  • US markets look to recover after terrible start to Q2
  • European markets begin lower
  • NAFTA reports see CAD make strong move higher
  • Cryptos look to recoup recent losses 
  • GBP little changed despite manufacturing beat

Whilst European markets were closed yesterday for Easter Monday, their US counterparts began the second quarter on the wrong foot with notable losses seen. Today’s trade has seen the price attempt to recover in fairly volatile trade but the major US indices (US500, US30 and US100) remain under pressure.

European markets are trading lower this afternoon on the cash close, with all major indices in the red. Technically the German DE30 seems to be stuck between a local demand zone being placed at 11800 points and an upper bound of a descending channel. One may suspect that until the price breaks one of those levels more notable swings are unlikely to occur. 

There has been some notable gains seen in the Canadian dollar and Mexican Peso in recent trade following some reports of progress towards a new NAFTA deal. The USDCAD has declined in recent hours and in doing so the market may be set to break lower - especially if some CAD favourable outcome transpires from NAFTA talks. The pair may be seen to have carved out a head and shoulders reversal signal with the head coming at last month’s high of 1.3125.

Dash (DASH) is one of the top moving cryptocurrencies today. Taking a look at the chart we can see that the digital currency still remain within a downward price channel however it managed to bounce off the 280 handle over the weekend. Right now the situation seems to bode well for buyers as stable upward move towards the upper limit of the price channel (362 at press time) may be on cards.

UK manufacturing PMI turned out to be better than expected showing a slight improvement compared to February. However, the details brought both positive and negative elements on balance the overall manufacturing sector in the United Kingdom kept its fairly decent momentum. The Pound attempted to rally after the release but has subsequently pared those gains and now trades fairly mixed on the day. 

Disclaimer

This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.