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Mid-Day Report: Canadian Dollar Lower as BoC Revised Down GDP projections, Crude Oil Dips Canadian dollar is under some selling pressure today due to weakness in oil price as well as BoC's downward revision in GDP. USD/CAD is set to have a take on near term resistance at 1.3079, possibly today. That would likely be led by crude oil's test on 45 handle, as WTI dips to as low as 45.11 so far. Bank of Canada held the overnight rate unchanged at 0.50% as widely expected and maintained a neutral stance. However, the central bank noted the decline in oil and commodity prices since summer "further lowered Canada's terms of trade" and "are dampening business investment and exports in the resource sector. And thus, that led to a "modest downward revision" in GDP projections for 2016 and 2016. Full Report Here...
Featured Technical Report
USD/CAD Mid-Day Outlook Daily Pivots: (S1) 1.2925; (P) 1.2985; (R1) 1.3037; More... The break of 1.3079 resistance argues that fall from 1.3456 is completed at 1.2830, after drawing support from 1.2834 resistance turned support. More importantly, this suggests that such decline from 1.3456 is merely a correction and the larger trend is possibly not completed. Intraday bias is turned back to the upside for retesting 1.3456 first. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

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GMT	Ccy	Events	Actual	Consensus	Previous	Revised
23:00	AUD	Conference Board Leading Index Aug	-0.40%		0.30%
23:30	AUD	Westpac Leading Index M/M Sep	0.10%		-0.30%
23:50	JPY	Trade Balance (JPY) Sep	-0.36T	-0.07T	-0.36T	-0.37T
04:30	JPY	All Industry Activity Index M/M Aug	-0.20%	-0.30%	0.20%	-0.10%
08:30	GBP	Public Sector Net Borrowing (GBP) Sep	8.6B	9.1B	11.3B
14:00	CAD	BoC Rate Decision	0.50%	0.50%	0.50%
14:30	USD	Crude Oil Inventories			7.6M

Orders and Options Watch

US Session: Orders and Options Watch

GBP: The British pound recovered after intra-day initial fall to 1.5415 but sell orders are still noted at 1.5480, 1.5500-10 (stops above) and 1.5525-30, selling interest is tipped at 1.5550, 1.5565 and 1.5585, sellers are awaiting at 1.5600 and 1.5620. On the downside, bids are seen at 1.5415, 1.5400 and 1.5380, buy orders are expected at 1.5350, 1.5330 and 1.5300, buying interest should emerge around 1.5285, 1.5265 and 1.5250.

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Forex Trade Ideas

Trade Idea Update: USD/JPY - Buy at 119.25

The greenback has eased after rising to 120.07 earlier today and minor consolidation below this level would be seen, pullback to the upper Kumo (now at 119.44) cannot be ruled out, however, support at 119.14 should limit downside and bring another rise later, above said resistance would extend the rise from 118.06 low to previous resistance at 120.35

Trade Idea Update: EUR/USD - Sell at 1.1430

As the single currency has rebounded again, retaining our view that further consolidation above support at 1.1306 would be seen and another corrective bounce to 1.1387 cannot be ruled out, however, minor resistance at 1.1419 should limit upside and price should falter below 1.1450-60, bring another decline