Canadian capacity utilisation rate is down to 81.1% in the fourth quarter

Statistics Canada released its capacity utilisation rate on Thursday. Canadian capacity utilisation rate declined to 81.1% in the fourth quarter from 81.6% in the third quarter. The third quarter’s figure was revised down from 82.0%.

The decrease was mainly driven by declines in the mining, quarrying, and oil and gas extraction industries, and construction. The capacity utilisation rate in the mining, quarrying, and oil and gas extraction industry fell to 76.2% in the fourth quarter from 76.8% in the third quarter, while the capacity utilisation rate in construction declined to 83.7% from 84.7%.

In 2015 as whole, capacity utilisation rate was 81.3%, down from 82.3% in 2014.

Option expiries for today’s 10:00 ET NY cut

USD/JPY: 110.00 (USD 112.00 (310m) 112.15-20 (500m) 113.00 (760m) 113.45-60 (770m) 114.00 (1.9bln) 114.70 (555m) 115.00 (1.25bln) 116.00 (1.24bln)

EUR/USD: 1.0700 (EUR 860m) 1.0745-50 (434m) 1.0770-75 (755m) 1.0800 (829m) 1.0845-50 (1.01bln) 1.0865-80 (1.4bln) 1.0885-90 (550m) 1.0900-10 (3.25ln) 1.0915 (302m) 1.0950 (982m) 1.0957 (401m) 1.0970 (526m) 1.0985-90 (557m) 1.1000-10 (957m) 1.1040 (703m) 1.1085 (1.15bln) 1.1100 (783m) 1.1150 (527m)

EUR/GBP 0.7650 (EUR 401m) 0.7800 (941m)

USD/CAD 1.3250 (USD 205m) 1.3335 (212m) 1.3350(600m) 1.3500 (290m)

AUD/USD 0.7250 (AUD 332m) 0.7300 379m) 0.7500 (275m)

NZD/USD 0.6390 (NZD 601m) 0.6600 (269m) 0.6685 (296m)

AUD/NZD 1.1000 (AUD 480m)

EUR/NZD analysis for March 10, 2016

EURNZDDaily.png10.png

EURNZDH4.png10.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6583 in a ultra-high volume (buying climax). In the daily time frame, we can observe demand with a very wide bar spread (professional selling). In the daily time frame, I placed Fibonacci expansion levels to find a potential downward station. I got Fibonacci expansion 161.8% at the level of 1.5990 (downward target). We can observe that 21SMA successfully held in the daily time frame. There are a few technical reasons behind this great downward pressure: 1. a massive upthrust in a ultra-high volume bar in the background (supply overcame demand); 2. another upthrust bar from the same zone; 3. confirmed double-top formation. In the H4 time frame, I found a massive volume spike (buying climax) in a ultra-high volume ( a strong sign of weakness). Watch for potential selling opportunities on rallies.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6575

R2: 1.6675

R3: 1.6835

Support levels:

S1: 1.6250

S2: 1.6150

S3: 1.5990

Trading recommendation for today: watch for potential selling opportunities on rallies.

The material has been provided by InstaForex Company – www.instaforex.com

Initial jobless claims slide to 259,000 in the week ending March 05

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending March 05 in the U.S. decreased by 18,000 to 259,000 from 277,000 in the previous week. It was the lowest reading since mid-October.

The previous week’s figure was revised down from 278,000.

Analysts had expected jobless claims to decline to 275,000.

Jobless claims remained below 300,000 the 53rd straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims declined by 32,000 to 2,225,000 in the week ended February 27.

NZD/USD intraday technical levels and trading recommendations for March 10, 2016

analytics56e177eee15fb.png

On January 28, the depicted support at 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 was executed a few weeks ago.

Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets.

The price zone of 0.6750-0.6840 constituted a significant resistance zone where recent signs of a bearish rejection were seen during the previous few weeks (triple-top reversal pattern).

On February 9, the NZD/USD pair failed to consolidate below the depicted support level of 0.6550.

Moreover, an obvious bullish recovery was expressed around the depicted temporary support level. Hence, the recent bullish swing towards 0.6750 was initiated.

Note that bullish persistence above 0.6750 (upper limit of the consolidation range) was mandatory to allow further bullish advancement towards 0.6880.

However, obvious bearish rejection was expressed around 0.6750 resulting in the yesterday shooting-star daily candlestick depicted on the chart.

The NZD/USD pair will remain trapped within the depicted consolidation range (0.6560-0.6750) until a breakout occurs in either direction.

Hence, a quick bearish decline should be expected towards the depicted temporary support level 0.6550 where price action should be watched carefully.

The material has been provided by InstaForex Company – www.instaforex.com

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European Central Bank cut its interest rate to 0.00% in March

The European Central Bank (ECB) cut its interest rate to 0.00% from 0.05% (this decision was not expected by market participants) and deposit rate to -0.4% from -0.3%.

The ECB also expanded its monthly purchases to €80 billion from €60 billion, to take effect in April. Purchases will include non-bank corporate debt.

The central bank will launch further four targeted longer-term refinancing operations (LTRO).

EUR/USD challenges 1.0850 ahead of Draghi

The ECB is back. EUR/USD’s abrupt decline in response to the ECB decision seems to have found some support in the mid-1.0800s so far ahead of Draghi’s press conference.

EUR/USD threatens 2-week lows

Spot continues to lose ground after the ECB has surprised market participants today, lowering its refi rate, deposit rate and lending rate to 0.00%, -0.40% and 0.25%, respectively.

In addition, the central bank has announced it will step up its monthly purchases of bonds under its ‘quantitative easing’ programme to €80 billion from €60 billion, starting in April.

The ECB will also launch four TLTROs (TLTRO II), starting in June 2016 and with a maturity of four years.

The pair has come down nearly two cents since overnight tops in the vicinity of 1.1040, and it is expected to remain under pressure in light of the press conference by President Draghi.

EUR/USD levels to watch

The pair is now losing 1.25% at 1.0866 facing the next support at 1.0823 (low Mar.2) ahead of 1.0777 (low Jan.21) and finally 1.0709 (2016 low Jan.5). On the upside, a breakout of 1.1043 (200-day sma) would expose 1.1101 (50% Fibo of 1.1379-1.0823) and then 1.1166 (38.2% Fibo of 1.1379-1.0823).

The ECB is back. EUR/USD’s abrupt decline in response to the ECB decision seems to have found some support in the mid-1.0800s so far ahead of Draghi’s press conference…


(Market News Provided by FXstreet)

GBP/USD ignores EUR/GBP slide, drops to fresh daily lows

ECB delivered the goods, pushing the EUR/GBP cross to one-month low, but the move failed to lit a fire under GBP/USD pair, which fell to a new daily low of 1.4148.

Downside break from the range

Cable has breached the 63-pip range of 1.4178-1.4241 on the downside post ECB rate decision. The bird was stuck in the range since yesterday’s European session. A sharp sell-off in the EUR/GBP cross failed to support GBP/USD pair, which is usually the case after ECB acts.

The focus now is on Draghi’s press conference comments. The spot currently trades around 1.4150 levels; down 0.46% on the day.

GBP/USD Technical Levels

The immediate support is seen at 1.4117 (hourly 200-MA), under which the pair may slide to 1.4079 (Jan 21 low). On the other hand, immediate hurdle is seen at 1.4178 (23.6% of 1.3835-1.4284), above which the spot could have a go at 1.4241 (previous day’s high + upper end of the range).

ECB delivered the goods, pushing the EUR/GBP cross to one-month low, but the move failed to lit a fire under GBP/USD pair, which fell to a new daily low of 1.4148.

(Market News Provided by FXstreet)