Market Research and Analysis

Daily Market Analysis Report

Fri, 09 Dec 2016 03:37 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3400– 1.3055
  • Support & Resistance Levels:
  • R3: 1.3274
  • R2: 1.3248
  • R1: 1.3233
  • Pivot Point: 1.3207
  • S1: 1.3181
  • S2: 1.3166
  • S3: 1.314
  • Trading Recommendation:
  • (Still Active)

  • Sell Below: 1.3250

  • Take Profit:

  • 1st @ 1.3178

  • Stop Loss @ 1.3275

USDCAD

USDCAD pair continued with its near-term downward trend and collapsed to seven-week low on Thursday as the no change in rate and oil market are still playing their role in supporting the CAD against in peers.  Requote, “The pair is continuing to trade in a bearish mode on Thursday”. The high to low movement remained 64 pips with a daily high of 1.3249 and a low of 1.3185.

9-dec-cad
Fundamental Overview

Municipalities issued $7.6 billion worth of building permits in October, up 8.7% from September. Higher construction intentions for commercial structures and residential dwellings in Alberta were responsible for much of the gain, as builders filed permits in advance of the changes in the provincial Building Code. Total value of permits The value of residential building permits rose 7.7% to $5.2 billion in October.

CAD

  • No Economic Event Expected

USD

  • Prelim UoM Consumer Sentiment
  • Final Wholesale Inventories m/m
  • Prelim UoM Inflation Expectations

Technical Overview

Technically, the USDCAD is trading at 1.3209, crossed below a 20 period EMA support level at 1.3280. RSI value is pulling higher with a slight shift from 33 to 38 today. The next target remains at 1.3175. The resistance at 1.3265 and 1.3300. Furthermore, the supports remains at 1.3202 and 1.3175 for the day.

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There is a substantial risk of loss in trading commodity futures, option and off-change foreign currency products.
Read our General Risk Disclosure.