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FxWirePro: USD/CAD Trade Idea

  • USD/CAD declined more than 100 pips yesterday on account of profit booking. The pair hits fresh 2018 high at 1.300. The pair down almost 0.80% this month following 4.85% in previous month. Trump’s tariff card in NAFTA negotiations is main reason for major dip in Canadian dollar on Friday. The major importers of Steel to US are Canada (16%) and Mexico (9%). It is currently trading around 1.29291.
     
  • Market eyes BOC monetary policy meeting for further direction. Any dovish comment from BOC will take the pair well above 1.3000.
     
  •  Oil prices has shown a almost $1 decline after API reports more build up. API reported a build up of 5.66 million barrels compared to forecast of 2.723 million barrels. It is currently trading around $61.92.   
            
  • On the higher side, major resistance is around 1.3000 and any break above will take the pair till 1.3000/1.3070.
     
  • The near term support is around 1.2835 (7- day MA) and any break below will take the pair till 1.2800/1.2700.Short term bearish continuation only below 1.2800.

It is good to buy on dips around 1.2915-20 with SL around 1.2860 for the TP of 1.3000/1.3070.

 

Resistance
 

R1-1.2960
 

R2 – 1.3000
 

R3-1.3070

Support               
 

S1-1.2835
 

S2-1.2800
 

S3- 1.2725

 

 

 

 

 

 

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December 15 01:30 UTC Released

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0.7 %

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2016 bln ARS

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January 31 00:00 UTC 459004459004m

ARAnnual Primary Balance*

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-1541 %

January 31 00:00 UTC 459004459004m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 470824470824m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 459004459004m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 459004459004m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 459004459004m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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