USD/CAD Forecast | Daily Technical Forecast for January 12, 2017
USD/CAD Technical Overview
Yesterday Closed 1.3180
Today Open 1.3180
Day’s Range 1.3126 – 1.3185
52 wk Range 1.2458 – 1.4692
1-Year Return – 7.7%
USD/CAD Technical Support and Resistance
USD/CAD Forecast: USDCAD pair possibly will find the immediate support at 1.3129. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3087 and 1.3019.
On the other side the market has immediate resistance 1.3265. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3307 and 1.3375.
USD/CAD Fundamental Analysis
USD/CAD corrected some more yesterday as the dollar was weak across the board post the press conference from the US President elect Trump. It was generally expected that Trump would deliver a strong speech asking people to unite and help the US grow and also give hints on what his economic, fiscal and foreign policy would be, going forward. But the speech and the following press conference contained none of these and it was generally a large disappointment for the markets in general and the dollar in particular.
We do not have any major economic news from the Canadian region and we have the unemployment claims data from the US close to the NY session. But the after-effects of the Trump conference are likely to be felt today as well and this is likely to keep the pair highly volatile and probably quite weak as well.