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Trading ideas for USD/CAD, USD/JPY and BRENT

November 22, 2021

USD/CAD: Currency markets bought the US dollar almost in all pairs on Friday due to surging COVID-19 infections in Europe, which triggered a decline in riskier currencies, including the USD/CAD. Rising Covid cases and hospitalizations on the continent provoked several countries to return to the policies of the first pandemic response last year. The oil prices, one of Canada’s main exports, fell sharply on Friday toward $78 a barrel, and this put additional pressure on the pair’s price. Canadian data was better than expected. September Retail Sales fell but were better than market expectations, the Core CPI from the Bank of Canada rose 3.8% year-on-year. The local support level can be seen at 1.2620. If the price returns to this level and rebounds from it, it can be considered as a trigger to further growth towards 1.2686.

BUY LIMIT 1.2620/TP 1.2686/SL 1.2598


USD/JPY: Despite general US dollar strength, we saw the USD/JPY pair decline on Friday. The Japanese yen is also considered a safe-haven currency, and it was strengthened after Austria’s lockdown announcement. In addition to the lockdown, Austria said it will require all its citizens to be vaccinated against COVID-19 from February 1, while Germany’s health minister warned lockdown restrictions could be reimposed. The local resistance level can be seen at 114.30. If the pair reaches this level and rebounds from it, it can trigger a further decline towards 113.50.

SELL STOP 114.20/TP 113.50/SL 114.43


BRENT: Oil prices fell about 3% to below $80 a barrel on Friday due to surging COVID-19 cases in Europe that threatened to slow the economic recovery, while investors also weighed a potential release of crude reserves by major economies to decline prices. The White House on Friday pressed the OPEC producer group again to maintain adequate global supply. The Japanese Prime Minister signaled on Saturday he was ready to help counter soaring oil prices following a request from the United States to release oil from its emergency stockpile. Meantime, OPEC and its allies have gradually increased quotas by 400 hundred barrels per day every month since July. The regular increases are scheduled to run through late 2022, though ministers will continue to convene each month to review market forecasts and adjust the volumes if needed. The local support level can be seen at $76.90. A breakout below could take the pair to an immediate target of $75.50.

SELL $76.80/TP $75.50/SL $77.25