Forex Flash: USD/CAD finds 1.0160 double bottom; upside risks - TDS

According to Mr. Osborne: "The short-term pivot for USD/CAD at 1.0155/60—the lows seen after the initial rally on Friday—has underpinned the USD so far today and provided the platform for what looks to be a strong advance intraday. The very short-term picture suggests a minor double bottom at 1.0160, triggered by a push through the 1.0184 trigger which implies upside risk to 1.0210/15 over the balance of the session."

Apr 9, 2013

China CPI comes below estimates

China Consumer Price Index for the month of March came below market expectations, with the monthly read at -0.9% vs -0.6% expected in a Reuters poll and +1.1% in February. On a yearly basis, March saw the CPI stand at +2.1% s 2.4% expected, with the prior February read at +3.2. With regards to the China PPI YoY, it came slightly lower-than-expected at -1.9 vs -1.8% estimates and-1.6% the prior month.

Forex: NZD/USD testing long term resistance below 0.85

NZD/USD is last at 0.8486 bids, slightly off recent fresh 2-month highs at 0.8496. The pair is up +0.67% for the week so far, following best NZIER business confidence data since early 2012, and China CPI year on year slowing down to 2.1% when market was expecting an increase of +2.4% coming from previous +3.2%.