BOC interest rate decision day

The BOC’s interest rate decision is due to take place later on today, with the majority of market participants anticipating the bank to remain on hold. Moreover, CAD OIS currently implies an 85.38% probability for the bank to remain on hold, as such should the bank’s accompanying statement, appear to be predominantly hawkish in nature it could support the Loonie and vice versa.In the commodities market, the US weekly API crude oil inventories figure came in lower than expected, implying a greater-than-expected drawdown in oil inventories, which may imply an increase in demand for oil. As such, it may have provided support for oil prices, yet oil market participants may be looking at today’s release of the EIA weekly crude oil inventories figure to potentially validate the greater-than-expected drawdown in oil inventories,  as was indicated by the API figure. In the US Equities markets we note that Netflix (#NFLX) reported its earnings yesterday, with its Earnings per share figure coming in lower than expected at $2.11, which may have weighed on the stock price despite the better-than-expected revenue figure of $8.83B. For today, we are noting the earning releases by Tesla (#TSLA) whose EPS for Q4 is expected to tick upwards to $0.74, with revenue also expected to increase to $25.76B, which could support the company’s stock price. Moreover, we highlight the earnings release by IBM (#IBM) which is also due to take place later on today, with the company’s EPS anticipated to come in at $3.80, with its revenue also expected to increase to $17.28B, which could provide support for the company’s stock price.

WTICash appears to be moving in an upwards fashion, with the commodity now having formed an upwards moving trendline which was incepted on the 17  of January. We maintain a bullish outlook for the commodity despite the RSI indicator below our chart currently registering a figure of 56, implying a neutral market sentiment. Nevertheless, for our bullish outlook to continue, we would like to see a clear break above the 75.25 (R1) resistance level, with the next possible target for the bulls being the 78.38 (R2) resistance ceiling. On the other hand, for a sideways bias, we would like to see the commodity remain confined between the aforementioned S1 and R1 levels. Lastly, for a bearish outlook, we would like to see a clear break below the 72.88 (S1) support level, with the next possible target for the bears being the 69.88 (S2) support base.

EUR/USD appears to be moving in a sideways fashion, with the pair having failed to break below the 1.0830 (S1) support level. We maintain a sideways bias for the pair and supporting our case is the RSI indicator below our chart which currently registers a figure near 50, implying a neutral market sentiment, in addition to the narrowing of the Bollinger bands which may imply low market volatility. For our sideways bias to continue, we would like to see the pair remain confined between the 1.0830 (S1) support level and the 1.0910 (R1) resistance line. On the other hand, for a bullish outlook, we would like to see a clear break above the 1.0910 (R1) resistance line, with the next possible target for the bulls being the 1.1000 (R2) resistance ceiling. Lastly, for a bearish outlook, we would like to see a clear break below the 1.0830 (S1) support level, with the next possible target for the bears being the 1.0745 (S2) support base.

دیگر نکات مهم امروز:

Today in the European session, we note the release of France’s Preliminary Service PMI figure, Germany’s Preliminary Manufacturing PMI figure the Eurozone’s preliminary composite PMI figure and the UK’s Preliminary Services PMI figure all for the month of January, followed by the UK’s CBI business optimism figure for Q1. During the American session, we note the release of the US S&P Preliminary Manufacturing and Services PMI figures for January and the US weekly EIA crude oil inventories figure. On a monetary level, we note the BoC’s interest rate decision is due out in tomorrow’s American session.

نمودار چهار ساعته نفت خام WTI

Support: 72.88 (S1), 69.88 (S2), 67.10 (S3)

Resistance: 75.25 (R1), 78.38 (R2), 81.65 (R3)

نماد چهار ساعته یورو به دلار امریکا

Support: 1.0830 (S1), 1.0745 (S2), 1.0665 (S3)

Resistance: 1.0910 (R1), 1.1000 (R2), 1.1080 (R3)

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