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CAD to target 1.0738 for further gains

1.0738 is the next key level to watch for the Canadian dollar, according to George Davis at RBC Capital Markets, following last year’s break above the 2010 quintuple top at 1.0679. With the current uptrend still in place, the 2010 high of 1.0854 is also a major resistance level to watch.

What January means for UK stocks

January averages a return of 0.5% for the FTSE 100 ranking it 9th out of the year according to The Stock Market Almanac, compiled by Jeff Hirsch. January has risen 59% of all years since 1984 although it also the most inconsistent month in terms of performance, declining significantly since 2000. Moreover, the second week of January is the worst performing week of the year for the FTSE 100 typically losing 0.5%, and rising only 28% of the years since 1984.

Coal bottoming out

Walter Zimmermann of ICAP says that despite unexciting price action for coal over the past year or so, a large head and shoulders bottom pattern may now be forming. This will target coal at the 71.50 to 72.00 range as long as the neckline is breached decisively.