CAD - BULLISH
1️⃣ Oil prices rose on the back of Saudi Aramco’s upbeat view on Asian demand and as Iraq pledge to deepen production cuts.
2️⃣ All major economic data in Canada printed well.
CHF - BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.
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TECHNICAL
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- We long CADCHF on RBS level + SMA50 area
1️⃣ Oil prices rose on the back of Saudi Aramco’s upbeat view on Asian demand and as Iraq pledge to deepen production cuts.
2️⃣ All major economic data in Canada printed well.
CHF - BEARISH
1️⃣ The SNB President Thomas Jordan has been reiterating the CB will continue to intervene strongly in the foreign exchange market to stop the rise of the highly valued franc in order to prevent deflation and protect the export-orientated economy.
2️⃣ Switzerland is expected to maintain its ultra-expansive monetary policy for some time as it is facing the sharpest downturn since the aftermath of oil price shocks in the 1970s.
=====
TECHNICAL
=====
- We long CADCHF on RBS level + SMA50 area
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