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FxWirePro:USD/CAD Trade Idea

USD/CAD declines more than 70 pips after a good recovery till 1.34250 from low of 1.32530. The slight decline in Lonnie was due to US-China trade deal hopes. The signs of easing industrial policy by China for “Made in China 2025” and strong buying of more than 2 million tons of Soybean by China is also supporting Canadian dollar. Loonie hits 6-month high at 1.3449 and has become trend less after a good jump of more than 250 pips from low of 1.31599.The pair hits intraday low of 1.33226 and currently trading around 1.33590.

 

Brent crude oil price is trading steady after hitting low of $57.53. US EIA crude oil inventory came at -1.2 M compared to forecast of -3.0 M and previous week is at -7.3 million.It has jumped till $63.67 and is currently trading around $59.94.

 

On the lower side, near term major support is around 1.3320 and any break below will drag the pair till 1.3250/1.3160.

 

The pair is facing major resistance around 1.3450 and any break above targets 1.3500/1.3585 is possible.

 

It is good to buy on dips around 1.3300 with SL around 1.3250 for the TP of 1.3500.

 

Resistance

 

R1- 1.3450

 

R2 - 1.3500

 

R3- 1.3585

 

Support               

 

S1- 1.3300

 

S2- 1.3250

 

S3- 1.3160

 

 

 

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 779647779647m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 779647779647m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 767827767827m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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