Market Research and Analysis

Daily Market Analysis Report

Fri, 17 Feb 2017 11:11 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3300– 1.2900
  • Support & Resistance Levels:
  • R3: 1.3304
    R2: 1.3226
    R1: 1.3178
    Pivot Point: 1.3099
    S1: 1.3021
    S2: 1.2973
    S3: 1.2894
  • Trading Recommendation:
  • Sell Below: 1.3090
    Take Profit:
    1st @ 1.3060
    Stop Loss @ 1.3120

USDCAD

USDCAD trades at 1.3077, adding +0.0007 points and +0.05% for the day with a high of 1.3091 and a low of 13059. The pair stays in the region of week after week lows simply over the mental 1.3000 handle so far today, dependable against the scenery of an expensive based rectification bring down in the greenback after the current Yellen-drove rally. Next, on tap, US Housing Starts, Building Permits, and the Philly Fed manufacturing index should keep the attention on the buck.
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17 Feb CAD
Fundamental Overview

Fundamentally, the pair stays not able to soften the week by week consolidative subject up either bearing, albeit better than average bolster appears to have developed in the 1.3000 neighborhood until further notice. Meanwhile CAD stays doubter to yield spreads between the US and Canadian currency markets and unrefined petroleum flow, leaving the main part of the value activity to advancements originating from the greenback. Nothing booked today in the US information space, while Canadian International Transactions are just due later in the NA session. Furthermore PM J. Trudeau will meet Chancellor A. Merkel in Berlin.

CAD

  • Foreign Securities Purchases

USD

  • CB Leading Index m/m

Technical Overview

On Friday, the USDCAD mostly unchanged below a major resistance level of a 1.3090, with the RSI value above 50, representing a bullish trend in the pair. Whereas, the pair is retracing back towards a resistance level and has already completed 61.8% retracement at 1.3120 as it again has entered a well maintained narrow range of 1.3150 – 1.3090. The RSI value has shifted lower to 35 from 44. The resistance is found at 1.3120 and 1.3160. Furthermore, the supports remains at 1.3045 and 1.2990..

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