AMERICAS OIL: Canada’s Oil Producers Capitalise on Weaker FX: Argus

US President Donald Trump is shortly due to make an “investment announcement” at the White House. LIVESTREAM

• Trump is expected to announce a USD$100 billion investment from TSMC. See earlier bullet: US: Trump To Announce $100B TSMC Investment
• Trump has previously appeared alongside CEOs of SoftBank, OpenAI, Apple, and DAMAC to announce private investment projects, touting them as wins for his administration’s business-friendly policies.
• Trump may also highlight a recent decision by Honda to make its next Civic hybrid vehicle in the US rather than Mexico, with Reuters noting, “the move to make the model in the US would avoid potential tariffs on one of its top-selling car models.”

• RES 4: 1.2880 2.0% 10-dma envelope
• RES 3: 1.2811 High Dec 6 ‘24
• RES 2: 1.2767 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg 
• RES 1: 1.2716 High Feb 26
• PRICE: 1.2710 @ 16:23 GMT Mar 3 
• SUP 1: 1.2538 50-day EMA     
• SUP 2: 1.2440 Low Feb 13
• SUP 3: 1.2333 Low Feb 11 and a key support  
• SUP 4: 1.2249 Low Feb 3    

A bullish trend condition in GBPUSD remains intact - for now - and this suggests the latest pullback is likely a correction. Note that moving average studies have recently crossed into a bull-mode position, highlighting a potentially stronger bull cycle. Initial firm support to watch is 1.2538, the 50-day EMA. A resumption of gains would open 1.2767, the 50.0% retracement of the Sep 26 ‘24 - Jan 13 bear leg.

• -10,000 FVM5 108-02.25, sell through 108-02.5 post time bid at 1316:34ET, DV01 $442,000. The 5Y contract trades 108-02.75 last (+4.75)