CAD rallies with oil, BTC over $50k

“You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody.” - Alexander Elder

 

 

HEADLINES

 

 

• Dollar edges higher with Friday's payrolls data in focus
• Canadian dollar climbs to 4-wk high on surging oil prices
• Oil Prices Charge Higher As Bullish Sentiment Builds
• Gold dips on dollar advance as traders wait for U.S. jobs data
• World stocks rally after tech sell-off, dollar gains
• Bitcoin soars to top $50,000 for the first time in a month - as Mike Novogratz heralds the start of its '4th-quarter rally'
• Goldman Sachs sees a big 4th quarter with a 9% S&P 500 gain from here
• CHART: EUR/CAD

 

 

FOREX

 

 

Dollar edges higher with Friday's payrolls data in focus

 

The U.S. dollar edged higher on Tuesday, lingering close to the one-year high hit last week, as traders remained circumspect ahead of key payrolls report at the end of the week that could provide clues to the U.S. Federal Reserve's next move. Moves in the FX market were likely to remain largely muted for the rest of the week as investors await the update on the U.S. labor market that could help provide clues to whether the Fed will begin tapering its asset purchases before year's end, analysts said.

 

Canadian dollar climbs to 4-wk high on surging oil prices

 

The Canadian dollar strengthened to a four-week high against its U.S. counterpart on Tuesday as oil added to recent gains and data showed Canada's trade surplus widening in August. The loonie was last at 1.2580 to the greenback, or 79.49 U.S. cents, after touching its strongest level since Sept. 7 at 1.2541. "Further oil price gains should continue to support the CAD”.

 

 

COMMODITIES

 

 

Oil Prices Charge Higher As Bullish Sentiment Builds

 

Following the OPEC+ decision to maintain its production increases at 400,000 bpd per month, very few bearish factors remain in oil markets to keep prices from charging higher.

 

Gold dips on dollar advance as traders wait for U.S. jobs data

 

Gold prices fell on Tuesday as the dollar benefited from subdued risk sentiment, with bullion likely to see choppy trade in the run up to Friday’s U.S. jobs numbers that could dictate the Federal Reserve’s tapering plans. Apart from inflation, fragile U.S.-China trade ties, China Evergrande’s debt crisis and a stalemate over the U.S. debt ceiling prompted some safe-haven inflows into gold as well, providing a floor to bullion prices.

 

 

STOCKS

 

 

World stocks rally after tech sell-off, dollar gains

 

Global equity markets rallied on Tuesday as U.S. and European tech stocks rebounded and the dollar regained strength ahead of U.S. payrolls data on Friday that could reveal the Federal Reserve's next move on tapering its support to the economy. The major U.S. and European stock indices rose more than 1%, while yields on the 10-year U.S. Treasury note, a touchstone for investor sentiment, edged above 1.5%, and another jump in crude oil futures fueled inflation fears.

 

 

CRYPTO

 

 

Bitcoin soars to top $50,000 for the first time in a month - as Mike Novogratz heralds the start of its '4th-quarter rally'

 

Bitcoin has risen above $50,000 for the first time in a month, with crypto billionaire Mike Novogratz saying the rise could be the start of a fourth-quarter rally. The world's biggest cryptocurrency was up 2.4% to $5,183 as of 6.35 a.m. ET, reaching its highest level since the start of September, according to Bloomberg prices. Bitcoin has rallied sharply over recent days, having traded around $41,000 only seven days earlier.

 

 

ANALYSIS

 

 

Goldman Sachs sees a big 4th quarter with a 9% S&P 500 gain from here

 

The recent wobble for the stock market has not changed Goldman Sach’s expectation for a minor rally before the end of the year.

 

 

CHART

 

 

Euro / Canadian dollar – Daily Candlesticks

Source: GKFX Prime Metatrader 4

EUR/USD is back to its lowest since February 2020, having made an intra-day break below key support at 1.46. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://markets.businessinsider.com/news/currencies/bitcoin-price-mike-novogratz-rally-crypto-btc-investing-ether-2021-10
https://www.cnbc.com/2021/10/05/gold-markets-dollar-inflation-concerns.html
https://www.investing.com/news/economy/asian-stocks-fall-to-near-1year-low-as-oil-prices-stoke-inflation-worries-2634596
https://www.reuters.com/business/dollar-hovers-near-one-year-high-while-bitcoin-hits-50000-2021-10-05/
https://www.reuters.com/article/canada-forex/canada-fx-debt-canadian-dollar-climbs-to-4-wk-high-on-surging-oil-prices-idUSL1N2R1279
https://markets.businessinsider.com/news/stocks/oil-prices-charge-higher-as-bullish-sentiment-builds-1030845054
https://markets.businessinsider.com/news/stocks/oil-prices-charge-higher-as-bullish-sentiment-builds-1030845054
https://www.cnbc.com/2021/10/05/goldman-sachs-sees-a-big-4th-quarter-with-a-9percent-sp-500-gain-from-here.html