Market Research and Analysis

Daily Market Analysis Report

Fri, 26 May 2017 05:34 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.3600– 1.3450
  • 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 Bellow 1.3440
    Take Profit:
    1st @ 1.3400
    Stop Loss @ 1.3455

USDCAD

USD/CAD turned higher in the wake of testing backing from the lower line of a rising channel, supported by a sharp drop in oil costs. OPEC and non-individuals consented to expand preparations cuts by nine months which was generally anticipated. Financial specialists were disillusioned that the understanding did not reach out past the normal era or that cuts were not extended. The hand higher over USD/CAD originated from the lower bound of a channel that has included value activity since late January. The pair had dropped strongly on Wednesday taking after the BoC meeting to test bolster and after a time of solidification, USD/CAD has recovered a flat level at 1.3437 today.

26 May CAD
Fundamental Overview

Overall operating profits Canadian corporations earned $91.9 billion in operating profits in the first quarter, down $7.3 billion or 7.4% from the fourth quarter of 2016. Operating profits for Canadian corporations were up 19.1% in the first quarter compared with the first quarter of 2016. Chart 1 Chart 1: Quarterly operating profits Quarterly operating profits Chart 1: Quarterly operating profits Profits edge down in the non-financial industries In the non-financial industries, operating profits edged down 0.4% to $60.7 billion from the previous quarter—despite a $9.2 billion increase in operating revenues.

CAD

  • No Economic Event Expected

USD

  • Core Durable Goods Orders m/m
  • Prelim GDP q/q
  • Durable Goods Orders m/m
  • Prelim GDP Price Index q/q
  • Revised UoM Consumer Sentiment
  • Revised UoM Inflation Expectations

Technical Overview
The USDCAD has dropped below a crucial trading level of 1.3520. Whereas, the buyers may test the broken support come resistance level of 1.3445. Breakage below 1.3370 is likely to lead the market towards 1.3320. Anyways, the pair is oversold now, and we may see a slight pull back now.

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