Market Research and Analysis

Daily Market Analysis Report

Fri, 30 Dec 2016 04:41 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3600– 1.3255
  • Support & Resistance Levels:
  • R3:     1.3592

    R2:     1.3562

    R1:     1.3544

    Pivot Point:     1.3513

    S1:     1.3483

    S2:     1.3465

    S3:     1.3434

  • Trading Recommendation:
  • Sell Below: 1.3515

    Take Profit:

    1st @ 1.3455

    Stop Loss @ 1.3535

USDCAD

USDCAD turned lower and tumbled to crisp 6-day lows amid the New York session, as the dollar quickened misfortunes no matter how you look at it. USDCAD was rejected from an every day high of 1.3558 and slid through the 1.35 stamp toward a low of 1.3480 in late dealings. At time of composing, the pair is exchanging at 1.3484, down 0.5% on the day. In any case, the CAD remains a relative under-performer in a situation of wide USD shortcoming.

30-dec-cad
Fundamental Overview

The trade deficit increased 5.5% in November to a seasonally adjusted annual $65.3 billion, the Commerce Department said Thursday. That was larger than the $62.5 billion gap forecast by economists surveyed by Market Watch. Exports rose 1.0% to $121.7 billion, while imports totaled $187.0, up 1.2% from October. Wholesale inventories edged up 0.9% to a level of $594.5 billion. That was 1.2% higher than a year ago.  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.

CAD

  • No Economic Event Expected

USD

  • Chicago PMI

Technical Overview

Technically the USDCAD continued to trade bearish at 1.3485, as it has formed a tweezers top candle stick formation, demonstrating neutral sentiment of investors regarding further buying. The pair is trading at 1.3486, holding below 50 EMA. The RSI value also shifted to 40 from 56 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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