CAD Strengthens On Growth Of Oil Prices And Increase Of CAD Bonds Yield

Current trendYesterday Canadian dollar strengthened against US one due to poor Consumer Price Index and Initial Jobless Claims releases. It caused the fall of US government bonds yield and increased the negative affection on the currency. CAD was supported by the growth of oil prices by 1% and the increase of Canadian bonds yield.

Today US Retail Sales release is worth traders’ attention at 15:30 (GMT+2): the growth by only 0.4% against 0.8% in the previous month is expected. The traders are also focused on the US Consumer Price Index at 15.30 (GMT+2), the volatility is expected to be high.

Support and resistanceOn the hour chart the instrument is trading within Bollinger Bands®, the price range is narrowed. MACD histogram is around the zero line, its volumes are minimal.Resistance levels: 1.2525, 1.2550, 1.2575, 1.2600.Support levels: 1.2510, 1.2500, 1.2480, 1.2450.

Trading tipsShort positions can be opened at the current level with the target at 1.2450 and stop loss at 1.2550. Implementation period: 1–3 days.Long positions can be opened at the level of 1.2550 with the target at 1.2600 and stop loss at 1.2515. Implementation period: 3–5 days.

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