USDCAD Forecast | Daily Technical Forecast for January 13, 2017
USDCAD Technical Overview
Yesterday Closed 1.3144
Today Open 1.3144
Day’s Range 1.3134 – 1.3168
52 wk Range 1.2458 – 1.4692
1-Year Return – 8.29%
Technical Support and Resistance
USDCAD Forecast: USDCAD pair possibly will find the immediate support at 1.3059. If, market breaks the first support then it will go for the following support to test. Following supports are 1.3021 and 1.2960.
On the other side the market has immediate resistance 1.3181. If, market breaks the primary resistance level then, market will go for the new resistance level 1.3219 and 1.3280.
USDCAD Fundamental Analysis
We had mentioned in our forecast yesterday that if the dollar weakness continued, we could soon be making our way towards 1.3000 in the USDCAD pair and we had also mentioned that the price action here would be key and that we are likely to get a bounce from here and also that this region would be a good place to go long again with a stop loss below 1.3000 and this turned out to be the perfect trade yesterday. During a major part of the day, we did see dollar weakness and we did see that the oil prices continued to hold up and this was enough to push the pair towards 1.3000 and it traded briefly just above 1.3000.
But what followed was a smart recovery in the prices as a wee bit of dollar strength returned in the morning and we also saw the fears about the agreement for production cut continuing to linger in the market and this kept the CAD strength under control. A combination of these factors helped to push the pair above 1.3100 and it trades just below 1.3150 as of this writing.
We do not have any major news from the Canadian region for today but we have the retail sales and the CPI data from the US region which will be watched closely by the market to see if the US continues to throw up good data to help the Fed in its decision making with regard to rate hikes. If the data is good, then we might see the dollar continue to make a recovery which began this morning.
Along with usd/cad forecast it is important to keep eye on economic.
Upcoming Important Economic News: (GMT +2)
- 3:30pm USD Core Retail Sales m/m
- USD PPI m/m
- USD Retail Sales m/m
- USD Core PPI m/m
- 4:30pm USD FOMC Member Harker Speaks
- 5:00pm USD Prelim UoM Consumer Sentiment