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Forex News Analysis by LiteForex

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Old Yesterday, 08:22 PM
LiteForex OfficLiial LiteForex OfficLiial is offline
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LiteForex. USD/CAD: general analysis

Current trend

Yesterday the USD/CAD pair lost 1%, despite the fall of oil prices and decrease of the Canadian government bonds yield. The main cause of the fall was USA President Trumpís decision to dismiss his two business counsels. Thus Trump is losing the support of business community, which has expressed discontent upon Presidentís reaction to the Charlottesville incident. In addition, the USD is under the pressure of the FOMC Minutes publication. Most of the officials have expressed concern upon the low inflation level, accented that the level below 2% would stay longer than expected. This means that the US regulator will postpone the interest rate rise until 2019.

Today in the evening the USA employment data will be published. The growth of Initial and Continuing Jobless Claims will let the USD/CAD pair to fall. Also, the traders will pay attention to FOMC Members Kashkari and Kaplan Speeches. The officialís commentaries upon the inflation and balance-sheet reduction can affect the further pairsí dynamics greatly.

Support and resistance

On the daily chart the instrument is in the correction around the support level of 1.2595. Bollinger Bands are reversing sideways, the price range is widening, reflecting the development of the current trend. MACD histogram is in the negative zone, keeping a weak sell signal. Stochastic is reaching the oversold area.

Support levels: 1.2595, 1.2510, 1.2400.
Resistance levels: 1.2675, 1.2790, 1.2845, 1.2930.

Trading tips

Short positions can be opened at the level of 1.2590 with the target at 1.2500 and stop loss at 1.2620. Implementation period: 1-2 days.
Long positions can be opened at the level of 1.2680 with the target at 1.2785 and stop loss at 1.2595. Implementation period: 1-3 days.

Read more analytic on LiteForex site

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