Forex Preview: CAD Skyrockets 2.7 % Against the JPY On Stronger Oil and Softer Dollar

1. Canadian Dollar Skyrockets On Stronger Oil and Softer Dollar
The Canadian Dollar skyrocketed by 2.7 percent against the Japanese Yen on Monday morning despite retail sales falling unexpectedly in December. The CAD was last seen trading 2.7% higher against the JPY at 84.27 as of 8:15 GMT. Trade optimism offset the data miss as the US dollar remains on the back foot following lower than expected manufacturing data points published last Thursday. The softness of the US dollar boosted oil prices which in turn supported the loonie. Meanwhile, the Bank of Canada (BoC) remains hawkish in the near term, setting it apart from the Fed which had to make a sudden stop to reassess its monetary policy going forward.*

2. Gold Gains As Dollar Sags
Gold prices rose on Monday as the dollar fell against the yuan after U.S. President Donald Trump said he would delay an increase in tariffs on Chinese goods, while palladium surged to a record high. Spot gold (XAUUSD) rose 0.1 percent to $1,329.79 per ounce at 8:15 GMT. The offshore yuan strengthened against the dollar, after hitting its highest level since mid-July, on the news that Trump will not raise tariffs on $200 billion of Chinese imports to 25 percent from 10 percent. Meanwhile, the Aussie dollar also rose on Monday after U.S. President Donald Trump said he will delay an increase in tariffs on Chinese goods. The AUD/USD gained as much as 0.5 percent to $0.7160 as of 8:20 GMT.**

3. EOS Tumbles Along Ethereum.
EOS and Ethereum noted a sharp U-turn against the US Dollar after noting a healthy surge last week. EOS/USD was last seen trading 17% lower at $3.6322 while ETH/USD dipped 15.69% at $140.37 as of 8:25 GMT. This past week, we saw a massive upward move above the $140 and $150 resistances in ETH price against the US Dollar. However, most cryptocurrency traders and enthusiasts had expected some form of correction to kick in. More often than not, such a correction occurs during the weekend, when little to no fresh capital is injected into the markets. It seems this weekend has been a prime target for people looking to cash out profits or trigger a dump of sorts.***

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*Source: Reuters, Feb 25, 2019 2:48 AM ET
**Source: Forbes Feb 25, 2019 3:53 AM ET
***Source: Null TX Feb 25, 2019 03:07 AM ET