Basic Analysis of USDCAD for October 12, 2017 888011000 110888 USD/CAD has actually been rather bearish just recently. The pair is presently residing above the dynamic assistance of 20 EMA and 1.2410 assistance level. USD has been weaker due to even worse economic reports published just recently, whereas CAD has been neutral. Recently, the CAD Work Modification report was published showing a decline to 10.0 K from the previous figure of 22.2 k which was expected to be at 13.9 k and Unemployment Rate was released unchanged at 6.2%, which was anticipated to increase to 6.3%. Today, the CAD NHPI report was released with a reduction to 0.1% from the previous worth of 0.4%, which was expected to be at 0.3%. On the USD side, today’s PPI report was published with an increase as expected at 0.4% from the previous worth of 0.2%. Joblessness Claims revealed a positive modification with a decline to 243k from the previous figure of 258k, which was expected to be at 251k. The Core PPI report revealed a boost to 0.4% from the previous value of 0.1%, which was expected to be at 0.2%. The Crude Oil Stocks data were released at -2.7 M in comparison with the previous figure of -6.0 M, which was expected to be at -1.9 M. Along with these economic reports, FOMC Member Brainard and Powell spoke today about the nation’s essential interest rates and future monetary policies, which had neutral bias. To summarize, USD has actually been quite positive backed by economic reports today, but still CAD is quite strong to be dominated. This shows that the market is bearish for this pair and up until USD comes with high-impact economic reports in the coming days, CAD is expected to acquire further.Now let us look at the technical view. The cost is presently rather indecisive and living above the vibrant level of 20 EMA and support level of 1.2410. In the coming days, if the rate breaks listed below 1.2410 with a day-to-day close, we will be eagerly anticipating offer with a target to the next support level at 1.2080. As the rate stays below the 1.2640-50 resistance location, the bearish predisposition is expected to continue further. The material has been supplied by InstaForex

By | October 12, 2017

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