A Mixed Day on Wall Street, USD/CAD Hits Target 1

U.S stock indices traded mixed throughout most of yesterday’s session, after opening higher. Even though the indices presented a rally at the start of the session, uncertainty regarding upcoming results from large caps, prevented major gains, forcing the indices to close with only minor profits. The S&P500 closed with a 0.5% gain, while the Nasdaq closed higher by only 0.11%.

Although Alcoa’s recent statements sparked enthusiasm amongst market participants, investors and traders are now preparing for an action packed earnings week. Apart from Google, which is expected to shake the markets, names like; IBM, J.P Morgan, Bank of America and General Electric are scheduled to release their reports this week. Profits and positive outlooks due to increasing demand rather than cost cutbacks could spark major movement and send the major indices higher.

Crude oil presented major movement yesterday, breaking its minor trend line. As shown on yesterday’s report, crude still has major resistance at $75 to overcome, before a new trend will can be determined. For yesterday’s analysis, Click Here.

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In expectation of a week filled with corporate earnings that are expected to outperform predictions, the US Dollar was sold off across the board on Monday in favor of higher yielding positions.

As US Sweet Crude Oil closed above $73 a barrel, the sentiment on the street is that things are getting better in the economy, and there are better choices for traders and investors than the staggering Greenback.

The day saw very light volume, as many US institutions were closed for Columbus day and the Canadian markets were closed for Thanksgiving.

After a down week for the Dollar overall, the Forex market seems poised to deal the USD another negative performance this coming week.