Market Research and Analysis

Daily Market Analysis Report

Mon, 12 Jun 2017 09:33 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 1.3450
    Take Profit:
    1st @ 1.3410
    Stop Loss @ 1.3470

USDCAD

USD/CAD is trading at 1.3440, down -0.0029 and -0.22% in the European Markets.USD/CAD posted a little loss in the previous week as a surge higher on the back of a tumble in oil costs was switched taking after a stellar Canadian employments report. The pair finished the week at real support and the up and coming week ought to uncover a reasonable directional predisposition considering the noteworthy hazard occasions that are planned which will probably break the pair from its two-week go.

9 June CAD
Fundamental Overview

Canada’s labor market continued its stellar performance in May, with a greater-than-expected 54,500 jobs gain that also finally came with signs of a pick-up in wages. The employment gain — the third biggest one-month increase in the past five years — was driven by the addition of 77,000 new full-time jobs, which offset falling part-time employment. Economists had forecast a 15,000 increase in employment. The 316,800 new jobs over the past year is the biggest 12-month gain since February 2013 — and levels the economy has seldom produced since the 2008-2009 recession.

CAD

  • Gov Council Member Wilkins Speaks

USD

  • 10-y Bond Auction
  • Federal Budget Balance

Technical Overview
The USDCAD is trading above 1.3440 level, the pair is likely to target the resistance levels might be located at 1.3465 , 1.3480 and 1.3520. On the downside, a follow through weakness below 1.3420 immediate support now seems to accelerate the slide back towards 1.3385 support before the pair eventually drops to an important support 1.3330-25 region.

Related Posts

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.