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FxWirePro: USD/CAD trade idea

  • USD/CAD recovered sharply almost more than 250 pips from the low of 1.25275 made on Apr 17th 2018. Loonie jumped mainly due to weak economic data. The pair hits high of 1.27840 and is currently trading around 1.28070.
     
  • Canadian core retail sales excluding autos came unchanged compared to forecast of 0.4% growth and CPI also failed to meet expectations. The weak set data’s released on Friday reduced chance of further rate hike.
     
  • WTI Crude oil prices declined slightly almost $2 on account of increasing rig count in US. US drillers has added 5 rigs in the week ended Apr 20th to 820 highest since Mar 2015. It is currently trading around $67.95.
     
  • Technically near term resistance is around 1.2790 (55- W EMA) and any break above targets 1.2830/1.2890/1.2940. Overall bullish continuation only above 1.3125.
     
  • On the lower side, near term support is around 1.2730 and any break below will drag the pair down till 1.268/1.2630/1.2550.

It is good to buy on dips around 1.2745-50 with SL around 1.2700 for the TP of 1.2825/1.2890.        

 Resistance

R1-1.2800
 

R2 –1.2825
 

R3- 1.2890

Support               
 

S1-1.2730
 

S2-1.2680
 

S3- 1.2635

 

 

 

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October 23 19:00 UTC Released

ARTrade Balance

Actual

314 %

Forecast

150 %

Previous

-1127 %

October 23 14:00 UTC Released

EZConsumer Confid. Flash

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-2.7 %

Forecast

-3.2 %

Previous

-2.9 %

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 394830394830m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 394830394830m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 383010383010m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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