Market Research and Analysis

Daily Market Analysis Report

Thu, 29 Dec 2016 05:02 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3600– 1.3255
  • Support & Resistance Levels:
  • R3:     1.3581
  • R2:     1.3539
  • R1:     1.3512
  • Pivot Point:     1.347
  • S1:     1.3428
  • S2:     1.3401
  • S3:     1.3359
  • Trading Recommendation:
  • Sell Below: 1.3550

    Take Profit:

    1st @ 1.3510

    Stop Loss @ 1.3565


USDCAD pair is making yet another endeavor to take-out solid resistance put at 1.3580 levels as we head towards the European opening ringers. The USDCAD pair exchanges unassumingly level at new session highs of 1.3573, peering toward a trial of Nov highs. The major is switching a plunge close day by day lows as the bulls stay upheld in the midst of a withdraw in oil costs, which keeps on imprinting the assessment around the commodity currency.

Fundamental Overview

The fundamentals for the CAD remains the same, CAD as single currency remains weaker on Inflation figures. The Consumer Price Index (CPI) rose 1.2% on a year-over-year basis in November, following a 1.5% gain in October. Prices were up in six of the eight major components in the 12 months to November, with the shelter and transportation indexes contributing the most to the year-over-year rise in the CPI. The food index and the clothing and footwear index declined on a year-over-year basis. Consumer prices increase in six of the eight major components Consumer prices increase in six of the eight major components. Consumer prices increase in six of the eight major components the transportation index rose 1.4%.


  • No Economic Event Expected


  • Unemployment Claims

Technical Overview

Technically the USDCAD trades bearish at 1.3536, and it as formed a tweezer top candle stick formation, demonstrating neutral sentiment of investors regarding further buying. The pair is trading at 1.3536, holding above 50 EMA. The RSI value also shifted to 58 from 66 with a slight change. The resistance at 1.3585 and 1.3635. Furthermore, the supports remains at 1.3445 and 1.3410 for the day.

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Risk Warning:

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