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Daily USD CAD Technical Analysis 21st November, 2016

USD CAD Technical Analysis

USD CAD Technical Analysis 21st November, 2016

Technical Analysis Overview

Prev. Close      1.3469
Open               1.3509
Day’s Range   1.3517 – 1.3559
52 wk Range   1.2458 – 1.4692
1-Year Return +1.03%

Technical Support and Resistance

Daily USD CAD Technical analysis shows USD/CAD pair may find the immediate support at 1.3509. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3507 and 1.3506. On the other side the market has immediate resistance 1.3511. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3513 and 1.3514.

Expected trading range for today is between 1.3517 supports and 1.3559 resistance.

USD/CAD reversed directions and posted modest losses last week. The pair closed at 1.3469. This week’s highlights are the retail sales reports. The indicator jumped 0.8% in August, crushing the forecast of 0.2%. The estimate for the September report stands at 0.3%.

USD/CAD opened this week at 1.3509 and touched a high of 1.3510, testing support at 1.3551 (discussed last week). USD/CAD then reversed directions and dropped to a low of 1.3395. The pair closed the week at 1.3469.

 

Along with technical analysis following economic event is very important to analyze the financial market properly.

 

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