Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.
The pair was expected to drop after it failed to breakout from 200 MA, sending the pair lower towards a major support line. Canada’s economy was able to dodge pressure from the United States and China, thanks in part to Japan who encouraged Canada to shift its focus from the U.S. and China to its economy. Canada is a member of the pacific-rim trade pact, the CPTPP (Comprehensive and Progressive Trans-Pacific Partnership). Japan had led the ratification of the CPTPP, together with Japan, after the United States withdraw from the pact as the first executive order by then recently elected U.S. President Donald Trump. Japan also paves way for Canada to receive a green light from the EU Parliament to conduct a bilateral trade agreement with them. Japan had ratified the EU-Japan free trade agreement, which became the largest trading zone in the world. Histogram and EMAs 13 and 21 recently crossed over.
The pair will continue its steep decline after it broke down from a major support line, which will send the pair lower toward its 8-year low. The United Kingdom was trying to salvage any agreements that it had with its post-Brexit signatories. This was following the humiliating failure of the UK Government under British Prime Minister Theresa May to deliver the Brexit until March 29. The Brexit was extended until October 31 as EU leaders, together with PM May, agreed that the United Kingdom must not leave the bloc without a deal. However, following the resignation of Theresa May and the rise of Boris Johnson as the new UK Prime Minister had threatened the post-Brexit trade agreement once again. PM Johnson said the UK will leave the European Union with or without a deal. Switzerland on the other hand had recently signed a trading agreement with China. Histogram and EMAs 13 and 21 was poised to further go lower.
The pair will continue to go up after it broke out from 50 MA, which eventually turned out later to become the pair’s support line. The European Commission will be blocking five (5) countries from accessing parts of the European Union’s financial markets, including Argentina, Australia, Brazil, Canada and Singapore. The move was also seen to hit the United Kingdom once it withdraw from the largest trading bloc in the world. Australia will be particularly hit by this move as the country signed a post-Brexit trade agreement with the United Kingdom, while maintaining its existing trade agreement with the EU. The move was seen by analysts as increasing the European Union’s effort to retain the integrity of the bloc and to put its member states first amid the rising protectionism across the world. Histogram and EMAs 13 and 21 was poised to further go up in the following days.
The pair was expected to bounce back after it broke down from a major support line, which will send the pair higher toward its previous high. The European Union and the United States’ relationship further narrowed following the statement by the new European Commission President, Ursula von der Leyen. Von Der Leyen said that she aims for a “United States of Europe”. She was already roaming to EU-member states ahead of her inauguration to her position. Ursula specifically target the Eastern and Nationalist bloc, the Visegrad Group, on her list of countries to visit. In the previous months, the Visegrad had turned their back against the Germano-Franco leadership and had increased their partnership with the United States to counter Russia’s military aggression on its border with the Eastern Europe. Histogram and EMAs 13 and 21 was expected to reverse back in the following days.