USDCAD Forecast : Technical Analysis for December 22, 2016
USDCAD Technical Overview
Prev. Close 1.3413
Day’s Range 1.3411 – 1.3447
52 wk Range 1.2458 – 1.4692
1-Year Return – 3.53%
Technical Support and Resistance
The markets are likely to be disappointed if the progress does not show up in the data and that is what we saw yesterday as a larger than expected inventory would mean that the supply is still quite high and so the oil prices would have to be adjusted according to that. Of course, it is still early days and we have not even started on the implementation but this is a sign of things to come. Any pressure on the oil prices is likely to weaken the CAD as the Canadian economy is dependent on the oil prices to a great extent and that is why we saw the CAD weaken and the USDCAD pair break through 1.3400 and it continues to trade above that figure today as well.
USDCAD Forecast: USDCAD pair possibly will find the immediate support at 1.3370. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3353 and 1.3324.
On the other side the market has immediate resistance 1.3428. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3445 and 1.3474.
It is likely to be another important and volatile day for this pair today as we have the final GDP data from the US and the retail sales and CPI data from Canada that will be released closer to the NY session. Depending on how the data comes up, we could see the prices being swayed this way and that and the fact that the liquidity is low makes it that much easier for the prices to be moved in any specific direction. Traders have to be careful while trading such news in thin markets and those medium term traders out there can snap up their longs if we get a correction in this pair.
Along with usdcad forecast it is important to keep eye on economic.
Upcoming Important Economic News: (GMT +2)
- 3:30pmUSD Core Durable Goods Orders m/m
- USD Final GDP q/q
- USD Unemployment Claims
- USD Durable Goods Orders m/m
- USD Final GDP Price Index q/q
- 4:00pm USD HPI m/m
- 5:00pm USD Core PCE Price Index m/m
- USD Personal Spending m/m
- USD CB Leading Index m/m
- USD Personal Income m/m
- 5:30pm USD Natural Gas Storage
- 3:30pm CAD Core CPI m/m
- CAD Core Retail Sales m/m
- CAD CPI m/m
- CAD Retail Sales m/m