Market Research and Analysis

Daily Market Analysis Report

Tue, 20 Dec 2016 03:53 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3400– 1.3055
  • Support & Resistance Levels:
  • R3: 1.3491
    R2: 1.3432
    R1: 1.3396
    Pivot Point: 1.3338
    S1: 1.3279
    S2: 1.3243
    S3: 1.3185
  • Trading Recommendation:
  • Sell Below: 1.3340
    Take Profit:
    1st @ 1.3285
    Stop Loss @ 1.3360


USDCAD pair increased further footing amid European exchanging session and has now hopped to a crisp session top, though stayed underneath a week ago’s 10-day abnormal state past 1.3400 mark. USDCAD has brought off with expansive construct dollar quality in light of Yellen’s remarks that are again bullish on the US economy in regard to ages and occupation creation/development. WTI has hit a barrier on Yellen also, hitting $5345 the highs and topped $51.75.

Fundamental Overview

Foreign acquisitions of Canadian securities amounted to $15.8 billion in October, mainly Canadian corporate debt securities. At the same time, Canadian investors added $2.1 billion of foreign securities to their holdings, led by acquisitions of US corporate instruments. Foreign acquisitions of Canadian securities reached $15.8 billion in October, above the monthly average investment of $13.7 billion from January to September. The activity was mainly concentrated in Canadian debt securities issued by private corporations, both short- and long-term instruments.


  • Wholesale Sales m/m


  • No Economic Event Expected

Technical Overview

Technically, the USDCAD is till trading sharply bullish after having a noisy session and maintaining a strong bullish momentum. It came out of it narrow trading range 1.3299 – 1.3265. The pair is trading at 1.3310, crossing above 50 EMA. The RSI value also shifted to 67 from 69 with a slight change. The resistance at 1.3422 and 1.3485. Furthermore, the supports remains at 1.3342 and 1.3310 for the day.

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