Breaking News

Bitcoin Starts Week Strong, Loonie Expected To Advance

By kiana DanialMarket OverviewApr 23, 2019 12:20AM ET
Bitcoin Starts Week Strong, Loonie Expected To Advance
By kiana Danial   |  Apr 23, 2019 12:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Forex Market Overview

The biggest forex news this week is coming from north of the border. As Canada’s top monetary policymakers meet this Wednesday, the value of the Canadian dollar will experience some major changes. If the Bank of Canada maintains its neutral approach, the Loonie will likely have a strong week. However, some traders believe the central bank’s dovish lean may result in a value decrease.

On the other side of the pond, the pound is beginning to slow down, following some busy Brexit news cycles. Elsewhere in Europe, recent MPI reports are suggesting that 2019 is likely going to be a sluggish year for the region. With few economic reports waiting on the horizon, both the Pound and the Euro are likely to have slow weeks.

In the United States, the dollar performed quite well, largely driven by above average consumer spending levels. With tax season in our review mirror—thank God—consumer spending will likely remain high. New GDP data will help propel the dollar even further by week’s end. Other major reports to look out for include Australia’s CPI readings and an additional statement from the Bank of Japan.

Taking a Closer Look at EUR/USD

The EUR/USD pair has been trading inside a downward channel below the daily Ichimoku Cloud for more of 2019. With the key pivot level at 1.1284, we could expect the pair to bounce up and down within this channel for another few months before there is enough market sentiment to cause a breakout.

EUR/USD, Daily Chart
EUR/USD, Daily Chart

The future Ichimoku cloud appears bearish giving us a further bearish indication.

Crypto Market Overview

After a somewhat stable week last week, Bitcoin started this week with a bang. The cryptocurrency was able to break the $5,400 mark for the first time since last November. April has been a positive month for the cryptocurrency, inspiring investors everywhere to give it another look.

One of the reasons why Bitcoin has been able to rally is the fact that it can now be used in more places than ever before. Moon, a New York-based payment processing startup, has developed a browser extension that makes it possible to use Bitcoin on Amazon (NASDAQ:AMZN) and other e-commerce websites.

However, for those who purely follow technical analysis, the Bitcoin relative strength index—one of the top indicators in the industry—appears to be indicating a long-term bullish reversal. Some traders believe a 10 percent value increase will likely occur this very month. If you are looking for a creative way to finance your summer vacation, this may be it. Elsewhere in the world of cryptocurrency, JP Morgan—along with more than 200 of their closest friends—are looking to expand their already existing blockchain platform.

Stock Market Overview

Last week was another exciting week on Wall Street as well. The DOW had a productive week, rising more than 100 points and closing beyond 26,500 points on Monday. The S&P 500 experienced a week with a few minor ups and downs but generally finished around where it started.

Last week saw two big tech IPOs issued by Pinterest (NYSE:PINS) and Zoom Technologies Inc (OTC:ZOOM). Following Zoom’s initial IPO of $36 per share, shares have already risen in value to over $66. Pinterest also enjoyed some respectable gains as well, increasing in value from $19 to $25 within its first week of trading.

In other news, the State Department decided to end a waiver program allowing certain nations to import oil from Iran. This will likely cause the value of American and some Middle Eastern oil companies to increase. It looks like competition in the energy market is beginning to “heat up.”

Original Post

Bitcoin Starts Week Strong, Loonie Expected To Advance

Related Articles

Bitcoin Starts Week Strong, Loonie Expected To Advance

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email