The Canadian dollar and Mexican peso are rallying on hopes of an early NAFTA deal

  • The White House wants to reveal a preliminary NAFTA framework by mid-April.
  • The loonie was up 0.91% versus the dollar Tuesday morning, and the peso advanced 0.25%.

Canadian and Mexican currencies pared losses against the dollar Tuesday following news that President Donald Trump was pushing for a preliminary North American Free Trade Agreement deal to be ready as soon as mid-April.

The Canadian dollar — also known as the loonie — gained 0.95% to 1.2792 per US dollar as of 11:55 a.m. ET. The Mexican peso also strengthened, advancing 0.25% to 18.1979 per US dollar.

Sources familiar with the talks said the White House wants to unveil an updated NAFTA agreement at an April 13 summit in Peru, Bloomberg reported on Monday, easing some anxiety about a potential US exit from the pact. Read More @ http://markets.businessinsider.com/currencies/news/nafta-deal-hopes-have-canadian-dollar-and-mexican-peso-trading-higher-2018-4-1020361216

Wall St. climbs as Amazon jumps, S&P rises past key support

The three major U.S. stock indexes ended higher after a choppy session on Tuesday as investors looked forward to earnings season while the S&P 500 pushed above a key support level and Amazon.com shares jumped on hopes that criticism from President Donald Trump would not translate to policy changes. Read More @ https://www.reuters.com/article/us-usa-stocks/wall-st-climbs-as-amazon-jumps-sp-rises-past-key-support-idUSKCN1HA1G1?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29

WHAT IS THE USD INDEX SAYING?

The USD is back to $90 once again but shy away from going any higher; tonight ADP & OI INVENTORIES data will create some volatility for the USD. Trump & China issues on IP & Tariffs also dominates the USD.  We maintain SELL for the USD.

TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.

  1. 9.30am – Australia retail sales data – expected to be good – We stay neutral for AUD till NFP.
  2. 9.45am – CAIXIN services PMI – Which also expected to be good – AUD & NZD will have some good volatility. We also maIntain SELL for USDCNH.
  3. 4.30pm – UK will release construction PMI – which is expected to be good – we maintain BUY for GBP.
  4. 5.00pm – Be ready for EUR volatility – CPI data is expected to be good – we continue to maintain BUY for EURO.
  5. 8.15pm – ADP – Employment Change – We are expecting good data, however we maintain SELL for USD.
  6. 1030pm – Crude Oil Inventories – expecting the oil inventory to fall; Oil is a Buy.

Overall the market will consolidate till NFP on Friday be cautious and trade safely with good money management.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary

 

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