USD CAD Daily Technical Forecast for January 10, 2017
USD CAD Technical Overview
Yesterday Closed 1.3220
Today Open 1.3220
Day’s Range 1.3198 – 1.3241
52 wk Range 1.2458 – 1.4692
1-Year Return – 6.68%
Technical Support and Resistance
USD CAD Forecast: USDCAD pair possibly will find the immediate support at 1.3197. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3177 and 1.3145.
On the other side the market has immediate resistance 1.3261. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3281 and 1.3313.
USD CAD Fundamental Analysis
USD CAD took a hit yesterday and it continues to suffer today as well as the dollar weakened across the board yesterday and today morning though there has not been much in terms of economic news to drive these kind of moves. There has been some risk off mood in the markets as the oil prices came down due to excess build up in the reserves from North America. The theme of the Brexit process and the risks surrounding it also tend to haunt the markets and this has been attributed as the reason for the general risk off mood and the weakening of the dollar.
We do not have any major economic news from the US or the Canadian regions and so we can expect the prevailing trends to dominate the price moves for today. We continue to believe that the price region around 1.3000 would be the key and as long as there is no clear break of this price region, we believe that the uptrend in this pair is still intact. With oil prices also correcting and in danger of correcting further due to the geopolitical tensions and probabilities, we favor CAD weakness and dollar strength in the medium term and for that to happen, it is important that 1.3000 holds.
Along with usd cad forecast it is important to keep eye on economic.
Upcoming Important Economic News: (GMT +2)
1. 5:00pm USD Labor Market Conditions Index m/m
2. 10:00pm USD Consumer Credit m/m