Market Research and Analysis

Daily Market Analysis Report

Tue, 17 Jan 2017 03:41 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3400– 1.3055
  • Support & Resistance Levels:
  • R3: 1.3364
    R2: 1.3317
    R1: 1.3288
    Pivot Point: 1.3242
    S1: 1.3195
    S2: 1.3166
    S3: 1.312
  • Trading Recommendation:
  • Sell Below: 1.3165
    Take Profit:
    1st @ 1.3080
    Stop Loss @ 1.3185


USDCAD is trading at 1.3180, down -0.05% on the day, having posted a daily high at 1.3189 and low at 1.3172. The pair broke out of a narrow range of 1.3270- 1.3190, and fell to 1.3024 on Thursday, while on Friday the pair placed a high of 1.3167 and a low of 1.3109. The overall high to low fluctuation remained 62 pips. Oil is trading bullish at 53.28, making CAD stronger, as the commodity currency has a positive correlation with the Canadian Dollar. Investors will focus on technical in the absence of any major economic event from the Canadian economy.

17 Jan CAD
Fundamental Overview

Fundamentally. Investors look to Wednesday’s Bank of Canada approach choice for residential occasions for CAD, that will be went with an announcement, and MPR gauge overhaul. “We remain CAD bears on the premise of relative national bank arrangement and look to CAD shortcoming into and through Wednesday’s BOC. The New Housing Price Index (NHPI) rose 0.2% in November compared with the previous month. The advance was largely driven by price increases for new housing in Ontario. Among the 21 census metropolitan areas (CMAs) surveyed, new housing prices were up in 10, down in 4 and unchanged in 7. London (+1.3%) and Hamilton (+0.7%) recorded the largest price gains among the CMAs covered by the survey. Builders in both CMAs reported improving market conditions and higher construction costs as reasons for the increases.


  • No Economic Event Expected


  • Empire State Manufacturing Index
  • FOMC Member Dudley Speaks
  • Treasury Sec Lew Speaks
  • FOMC Member Brainard Speaks

Technical Overview

Technically, the USDCAD is holding above a strong triple bottom support level of 1.3090, a breakage below this level will open more room for further selling, while above this level the pair has a potential to pull back up. Previously, the pair broke out of its descending triangle in H4 time frame. The pair has also violated it narrow range of 1.3270 – 1.3190. It has also formed 3 black soldiers in D1 timeframe and continued to maintain the bearish momentum for 3 consecutive days. The RSI value has shifted to 27 from 37. The resistance at 1.3190 and 1.3265. Furthermore, the supports remains at 1.3080 and 1.3045 for the day.

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