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> Technical Analysis 2017.08.03 - USD/CAD
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Technical Analysis 2017.08.03 - USD/CAD

STO

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Current trend
The CAD gained against USD resulting in 2015 level prices – catching investors and traders off-guard. We have been seeing the pair correcting since the start of the week, due largely to the positive US GDP data. Canada on the other side of the pair - released its industrial products and raw materials indices in the beginning of the week was their lowest in the past 18 months. These maybe an omen of mounting issues with the Canadian economy causing an (bias) towards the CAD, thus unjustifiably strengthening the currency. Of course, the upcoming Canadian trade balance should either prove or disprove this.
Today we should look forward to US releases: employment reports are expected by 14:30 GMT+2 which is assumed to go up; PMI services is assumed to drop 0.4 points at its announcement scheduled for 15:45 GMT+2, the manufacturing orders on the other hand are expected to go up 3.6% at 16:00 GMT+2.
Support and resistance
Support levels USD/CAD: 1.2570, 1.2470, 1.2400, 1.2300.
Resistance levels USD/CAD: 1.2650, 1.2730, 1.2820.



This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

STO Review

Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-20170803-usdcad/?camp=24219
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