USD/CAD is trading at 1.34839, 0.06% down since previous day close. The Canadian Dollar weakened against the strong USD as fear looms over strong chances of aggressive rate hikes in Fed’s next meeting. The higher change in U.S CPI & PPI data turned out to be positive for USD & negative for other currencies. The weaker Oil prices further subdued the CAD since they are directly correlated. On data front, the Canada’s Manufacturing Sales fell by 1.5% from -0.2% in the previous month while the Wholesale Sales fell by 0.8% weaker than expectation 1.5%. The focus will be on Foreign Securities Purchases data release event today. As seen in the chart, the pair is hovering near MA (100) which indicates the chances of strong breakout if breached otherwise a reversal can be seen.

CHNIND is trading at 7051.8, 0.03% down since previous day close. The slight selling pressure can be seen in Asian shares amid global sell-off as fear hovers over chances of aggressive rate hikes in the Fed’s upcoming monetary policy; for U.S issued higher rate change in CPI & PPI as compared to prior reading. However, the global indices tested some higher side momentum last week after FOMC Chair hinted for deflationary scenario taking place in the country. Besides this, the China seems to be improving on Covid-19 zone which turns up positive for CHNIND. The result of Foreign Direct Investment data will remain in focus for the day. As seen in the chart, the index is trading near Fibo level 23.6 which acts as major support & hence, the cautious trading may be seen further.

Silver is trading at $21.474, 0.12% down since previous close. The downward momentum continued to be seen in Silver post release of U.S PPI data which grew by 0.5% from 0.3% in the previous month & the Jobless Claims figure dropped to 194K against expectation of 200K. This increases the chances of higher interest rate hike in the upcoming Fed meeting which boosted up the USD & softened the precious metals. Also, the U.S issued CPI data wherein the figure grew to 6.4% higher than expectation which weigh down the Gold & Silver. The focus will be FOMC Member Bowman speech which will be held today. Slight selling pressure may be noticed on intraday basis in Gold.