Market Research and Analysis

Daily Market Analysis Report

Wed, 07 Jun 2017 09:00 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3540– 1.3400
  • Support & Resistance Levels:
  • R3: 1.3855
    R2: 1.369
    R1: 1.3592
    Pivot Point: 1.3427
    S1: 1.3329
    S2: 1.3164
    S3: 1.3066
  • Trading Recommendation:
  • Sell Below 1.3460
    Take Profit:
    1st @ 1.3410
    Stop Loss @ 1.3480

USDCAD

USD/CAD is trading at 1.3444, down -0.0011 and -0.08% on Wednesday. USD/CAD posted a few picks up in the early day however fell under weight as oil costs switched higher. The pair is on track to post a third day of misfortunes and is seen retesting support from a channel that has contained value activity for the greater part of the year.

7 June CAD
Fundamental Overview

The Ivey Purchasing Managers Index (seasonally adjusted) by the end of May 2017 stood at 53.8. The corresponding figure for May 2016 was 49.4 and for May 2015 was 62.3. The Employment index (seasonally adjusted) for May stood at 50.4. Inventories (seasonally adjusted) 56.5; Supplier Deliveries (seasonally adjusted) were 44.6; and Prices were 51.3. The Ivey PMI unadjusted data for the month of May is 62.6; Employment 54.5; Inventories 57.6; Supplier Deliveries 45.6; and Prices 59.7. The Ivey Purchasing Managers Index (seasonally adjusted) by the end of April 2017 stood at 62.4.

CAD

  • Building Permits m/m

USD

  • Retail PMI
  • Sentix Investor Confidence
  • Retail Sales m/m

Technical Overview
The USDCAD break below 1.3430 level, the pair is likely to target towards the 1.3400 ahead breaking through over one-month lows support near 1.3385 area towards testing its next major support near 1.3325 level. On the upside, sustained recovery move above 1.3460 level could get extended beyond the key 1.35 psychological mark towards 1.3515 level en-route a major hurdle near 1.3540-50 region.

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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.