Market Research and Analysis

Daily Market Analysis Report

Thu, 08 Jun 2017 09:10 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 1.3535
    Take Profit:
    1st @ 1.3465
    Stop Loss @ 1.3560

USDCAD

USD/CAD is trading at 1.3504, down -0.0004 and -0.03% on Thursday. USD/CAD had been consolidating lower from Friday’s high, however, a speedy drop in oil costs has made a sharp recuperation eradicate a large portion of the earlier three-day decrease. The money pair is probably going to post a bullish overwhelming light on a day by day outline, implying at the capability of an inversion from the downtrend that has occurred since early May.

8 June CAD
Fundamental Overview

Canadian building permits declined 0.2% in value terms for April following a revised 4.9% decline for March which was originally reported as a 5.8% decline. The data was significantly weaker than an expected rebound of 2.0% for the month and there was a 3.3% annual decline. The total number of permits for dwellings declined 0.7% on the month with a 1.9% annual decline. Residential permits declined 2.5% on the month, the third successive monthly decline to give a 2.5% annual decline. Single-family residential permits declined 8.1% on the month with a 1.7% annual decline.

CAD

  • Housing Starts
  • NHPI m/m
  • BOC Financial System Review
  • BOC Gov Poloz Speaks

USD

  • Unemployment Claims
  • Natural Gas Storage

Technical Overview
The USDCAD is trading above 1.3430 level, the pair is likely to target towards the 1.3400 support before it breaking through over 1- months lows support around 1.3385 area in order to test the next major support near 1.3325 level. On the upside, sustained correction move above 1.3460 level could get extended beyond the key 1.35 level towards 1.3515 level en-route a major hurdle near 1.3540-50 zone.

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