Copper is trading at $7972.77, 0.35% up since previous day close. A sharp spike can be seen in Copper prices after unionized workers voted to go one strike at Chile’s Escondida; the world’s largest copper mine. This may widely affect the Copper production & supplies across the world which made the commodity expensive. Also, the soft USD post ECB meet with an interest rate hike decision pulled up the major commodity prices. The recovery in Chinese economic situation may further increase the prices since China is a top consumer of base metals. As seen in the chart, the Copper is trading above the Fibo level 23.6 indicating the chances of strong upside on daily basis.

USD/CAD is trading at 1.30317, 0.12% up since previous day close. An upside can be seen in Canadian Dollar against the USD post ECB meeting adopting a move of interest rate hike by 75bps as expected. Earlier, the pair slid down following the fall in WTI Oil prices; for they are directly correlated. On Wednesday, the Bank of Canada (BoC) hiked interest rate by 75bps leading to 3.25% from 2.50% in the previous month in order to tame down the inflationary pressure. The result of Canada’s Employment figure remains into focus for the day. As seen in the chart, the pair is trading near upper trend-line of channel pattern; breaching of same may result into strong breakout. Slight buying may be seen for the day in USD/CAD.

CHNIND is trading at 6622.8, 0.24% up since previous day close. The Chinese shares are trading on higher side post release of inflation data wherein CPI rate grew by 2.5% & PPI rate grew by 2.3% against the respective figures of 2.7% & 4.2%. Also, the Asian shares recovered post ECB meeting wherein an interest rate was hiked by 75 bps as expected. On Wednesday, the China issued weaker Trade Balance data showing the fall in surplus to 536B from 683B in the previous month which slightly dragged down the index CHNIND. Earlier in a week, the PBoC announced stimulus package in order to boost economic conditions; affected by Covid-19 situation which cushioned the indices to some extent. Buying on dips may be recommended for the day in CHNIND.