4 June, 2015
Current trend
On Wednesday the pair traded in the range of 1.2384-1.2509. The Canadian currency went down due to the poor data on the Canadian deficit of trade balance. The index amounted to 2.97 billion this month.
Today, Canadian business activity index will become known. This index has a great influence on the market and on the Canadian economy as a whole. According to preliminary estimates, the index will amount to 55.5, which is a positive factor for the Canadian currency; on the other hand, this level is lower than the previous one at 58.2, which can have a negative impact on the CAD. Traders shall also pay attention to the US unemployment rate: it is expected that this index will remain unchanged at the level of 5.4%, which can have a positive impact on the USD.
Support and resistance
On the daily chart moving average lines with the periods 20, 50 and 100 are below the price level. They are directed upwards, which confirms positive trend. MACD histogram is in the positive zone; histogram is crossing the signal line from top to bottom, forming a buy signal.
Resistance level is 1.2600.The nearest support level is the point of intersection of the moving average lines with the periods 20 and 50 (1.2347). Plus to this support levels are also at the levels of 1.2177 è 1.1920 (last month lows).
Trading tips
It is recommended to open long positions at the current price with the targets of 1.2600-1.2650 and protective order of 1.2347.
US stock indices went up on Wednesday after the release of the minutes of the US Fed meeting in January, which was devoted to the US monetary policy. Dow Jones Industrial Average rose by 1.6%, Nasdaq Composite - by 2.2%.
Past week was marked by a two-day speech of Janet Yellen, the head of the US Fed. Mrs. Yellen did not give a straightforward answer regarding the interest rate increase at the US Fed meeting in March...
On Thursday, the price of gold strengthened by 4% and reached its year highs. The price has been growing amid an increase in demand for safe-haven assets, such as gold and the Yen...
Yesterday, US Ministry of Energy announced about unexpected decline of oil and oil products reserves by 754 million barrels over the last week. Spot-price of crude oil Brent has grown over 31.80 USD per barrel...
Over the past 2 weeks the Yen has significantly strengthened its positions against the USD due to the increasing demand for the safe-haven currency. Mixed macro-economic data on the US economy has decreased a chance that the US Fed will tighten monetary policy...
The currency pair is traded at the strong level of 1.0960 –1.1060. In case of maintenance and testing of the level and respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Stop order can be placed below the signal line...
Despite that fact that the data on Non-FarmPayRolls was below the forecast (151 000 against the forecast of 190 000 and 262 000 new jobs in December), the USD has grown against the major currencies. The rise was caused by the other data on the US labor market in January...
While market participants are waiting for the release of NFPR (Non-Farm PayRolls), oil prices are gradually declining since the opening of the trading day and at the beginning of the European session...
API (American Petroleum Institute) report, released this Tuesday, showed that last week US oil stocks rose by 3.8 million barrels. Obviously, it was a bad news for oil prices, as heavy stocks of oil in the USA creates situation when supply outruns demand in the world market...
# | Broker | Review | |
---|---|---|---|
1 | ![]() | easyMarkets | 90% |
2 | ![]() | FXTM | 87% |
3 | ![]() | HYCM | 85% |
4 | ![]() | FxPro | 84% |
5 | ![]() | FIBO Group | 82% |
6 | ![]() | FXCM | 70% |
7 | ![]() | XM | 68% |
8 | ![]() | Fort Financial Services | 67% |
9 | ![]() | Alfa-Forex | 66% |
10 | ![]() | HotForex | 66% |