LONDON SESSION FORECAST

Sentiment update: During the Asia-Pacific session, the market's main focus has been on the recent sell-off in commodities; in particular, oil prices with WTI briefly declining to below $44.00 per barrel, its lowest level since November 2016. Consequently, commodity-linked currencies have remained pressured with AUDUSD declining firmly below the 0.7400 handle and USDCAD printing fresh YTD highs as we approach the 1.3800 handle.

Today’s forecast: In today's session, we expect the weakest currency to be CAD given the continued sell-off in oil prices. The pair that we have selected for this forecast is EURCAD as we expect EUR to remain well supported as we head into the market closure given strong expectations for a Macron victory in the French election Source: Nea