It is quiet for USD / CAD on Thursday as the pair trades slightly below the 1.39 line in the European session. Trade expected to be moderate ahead of the New Year, and there is only one American event on the calendar. expected jobless claims to 274 000. There is no Canadian events planned for this week.
In the US, sales of pending home was surprisingly soft, falling 0.9%, compared to an estimate of a 0.6% gain. Recent indicators in housing have missed expectations, showing the weakness in the US housing sector. Meanwhile, the CB Consumer Confidence sparkled in the December report, as the key indicator jumped to 96.5 points sharp rise of 0.4 points a month earlier. It easily beat the estimate of 93.9 points. This excellent reading followed by a strong sense UoM consumer, which improved to 92.6 points above the forecast of 92.1 points marking a 4-month high. Consumer confidence indicators are closely watched by analysts, such as greater consumer confidence often results in consumer spending has increased, a key factor of economic growth. strong consumer demand was a major factor in the strength of the US economy, which has led to higher historical rates by the Federal Reserve earlier in December.
in December has not provided the Canadian dollar with any holiday cheer, as the currency plunged nearly 0 points against the mighty US dollar during this period. USD / CAD is trading near 11-year low, while the pair remains within striking distance of the symbolic line 1.40. recent key data failed to impress, the Canadian economy continues to struggle. Canadian GDP for October came to a flat 0.0%, showing a lack of economic growth. Although not impressive reading, it was nevertheless an improvement compared to September reading of -0.5%. core retail sales have followed suit, also posting a flat reading of 0.0%. There are no real surprises in these low figures, while the Canadian economy was hit hard by the sharp drop in oil prices in 2015. The Canadian dollar, currency, commodity, also took a blow against his American counterpart? If the current trend continues, we could see USD / CAD movement above the symbolic level 1.40 at the beginning of the new year.
Thursday (December 31)
- 1:30 p.m. US unemployment claims. Estimated 274K
- 2:45 p.m. US Chicago PMI. Estimate 50.4 points
- 3:30 p.m. US natural gas storage. -54B Estimate
USD / CAD for Thursday, December 31, 2015
USD / CAD December 31 at 10:20 GMT
USD / CAD 1.3895 H: L 1.302: 1.3865
USD / CAD technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3640 | 1.3757 | 1.3865 | 1.40 | 1.4165 | 1.4310 |
- USD / CAD posted light losses in the Asian session and recovered in European trade.
- 1.3865 offers support. This leaves a small line
- There is a resistance to the round number of 1.40
- Current range: 1.3865 to 1.40 ..
further levels in both directions
- below: 1.3865, 1.3757, and 1.3555 1.364o
- above: 1.40, 1.4165 and 1.4310
Open positions ratio of OANDA
report USD / CAD is showing some movement towards long positions. Short positions still retain a dominant majority (64%), indicative of a bias towards trader USD / CAD lower displacement.
This article is only for general information purposes. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or its subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
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