Dear Clients,
Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.

For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]


Market review 20 November 20

20 November 20

Economic Data Puts the Loonie, the Pound, and the EUR in Focus

A busier economic calendar, COVID-19 news, Brexit updates, and chatter from Capitol Hill will keep the markets busy today.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. German wholesale inflation and Eurozone consumer confidence figures are due out later today.

Expect the consumer confidence figures for the Eurozone to have the greatest impact. With the EU struggling to contain the COVID-19 pandemic, a slide in confidence would add further downside risks to the economic outlook.

Away from the economic calendar, Brexit, COVID-19, and chatter from Capitol Hill will also provide direction on the day.

At the time of writing, the EUR was flat at $1.1875.

For the Pound

It’s a busier day ahead on the economic calendar. October retail sales figures are due out later this morning.

Positive numbers may well have a muted impact on the Pound, however. The British government had to reintroduce lockdown measures at the start of November, which paints a gloomy picture for the quarter.

Away from the economic calendar, Brexit will continue to be a key area of focus.

At the time of writing, the Pound was down by 0.05% to $1.3255.

For The USD

It’s a quiet day ahead for the U.S Dollar. There are no material stats to provide the Dollar with direction on the day.

The lack of stats will leave COVID-19 news and any stimulus package news in focus.

At the time of writing, the Dollar Spot Index was down by 0.02% to 92.294.

For the Loonie

It’s a relatively busy day on the economic data front. October house price and September retail sales figures are due out.

Expect the retail sales figures to have the greatest impact on the economic data front.

Away from the economic calendar, however, a continued spike in new COVID-19 cases will test support for riskier assets on the day.

At the time of writing, the Loonie was down by 0.04% to C$1.3078 against the U.S Dollar.

USD/CAD Daily Forecast – Resistance At 1.3120 Stays Strong

USD/CAD made an attempt to settle above the 20 EMA but failed to gain sufficient upside momentum

Technical Analysis

USD to CAD has recently tested the resistance at the 20 EMA at 1.3120 but failed to gain sufficient upside momentum and declined below 1.3100. The nearest support level for USD to CAD is located at 1.3080.

If USD to CAD settles below this level, it will head towards the next support at 1.3050. A successful test of this support level will push USD to CAD towards the next support at 1.3000.

On the upside, USD to CAD needs to settle above 1.3100 to have a chance to get to another test of the resistance at 1.3120. If USD to CAD manages to settle above this level, it will gain upside momentum and head towards the resistance at the 50 EMA at 1.3170.

AUD/USD to stop the rise at 0.7350 – Westpac

The AUD/USD pair is consolidating in the high 0.72s but economists at Westpac see the aussie fading at the 0.7350 barrier. On the flip side, dips below 0.72 would be an opportunity to buy.

Key quotes

“The combination of positive vaccine news, record China steel production driving record demand for iron ore and commodities in general, plus Lowe’s comments that ‘negative rates were still extraordinarily unlikely in Australia’ have lifted A$ sentiment in recent sessions.”

“We still see fresh closures/curfews and stay at home orders in the US and Europe as capping 0.7350 for now.”

“Signs that Asian central banks are becoming concerned by recent currency strength also acts as a cap on the A$ too.”

“Weakness to 0.7180/0.7210 is another opportunity to buy though.”

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services.