Market Research and Analysis

Daily Market Analysis Report

Wed, 15 Feb 2017 10:13 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3300– 1.2900
  • Support & Resistance Levels:
  • R3: 1.3304
    R2: 1.3226
    R1: 1.3178
    Pivot Point: 1.3099
    S1: 1.3021
    S2: 1.2973
    S3: 1.2894
  • Trading Recommendation:
  • Buy Above: 1.3115
    Take Profit:
    1st @ 1.3180
    Stop Loss @ 1.3070

USDCAD

USDCAD is trading at 1.3102, up +0.18% or 24-pips on the day, having posted a daily high at 1.3121 and low at 1.3072. In the information front, the Canadian dollar appears to be helpless after a week ago’s ‘one-two punch’ by means of a strong 48300 new occupations which flagged better days ahead for the benevolent nation. The week ahead exhibits a discharge monetary docket for the Loonie. Nonetheless, brokers are set up to respond as they sit fit in a bustling US-information timetable. Moreover, Fed’s Yellen is next as the national investor confronts ‘Congressional declaration’ which may fuel long-dollar positions.

15 Feb CAD
Fundamental Overview

Canadian job growth unexpectedly surged in January as hiring in the service sector helped the labor market build on its momentum from the latter part of 2016, suggesting the economy was finding its footing. Canada added 48,300 jobs last month, Statistics Canada said on Friday, exceeding economists’ expectations for employment growth to be unchanged. Full-time positions increased by 15,800. Although that was outpaced by a 32,400 increase in part-time work, economists were encouraged by the decline in the unemployment rate to 6.8 percent, even as the participation rate edged up. Canada saw strong jobs growth in the second half of 2016. While much of that came from part-time work, suggesting a deterioration in job quality, economists expect full-time work to be stronger this year. Indeed, the number of full-time jobs has increased by 141,000 since last August, Statistics Canada said.

CAD

  • Manufacturing Sales m/m

USD

  • CPI m/m
  • Core CPI m/m
  • Core Retail Sales m/m
  • Retail Sales m/m
  • Empire State Manufacturing Index
  • Capacity Utilization Rate
  • Industrial Production m/m
  • Fed Chair Yellen Testifies
  • Crude Oil Inventories
  • FOMC Member Harker Speaks

Technical Overview

On Wednesday, the USDCAD trades bullish above a major support level of 1.3060, while holding below a 50 EMA, demonstrating a bearish mode of the pair. Whereas, the pair is retracing back towards a resistance level and has already completed 61.8% retracement at 1.3120 as it again has entered a well maintained narrow range of 1.3150 – 1.3090. The RSI value has shifted to 44 from 52. The resistance is found at 1.3120 and 1.3160. Furthermore, the supports remains at 1.3045 and 1.2990.

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