Forex: USD/CAD anticipating Canadian Manufacturing Sales

on Sep 17, 2013
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_iNVEZZ.com September Tuesday 17th_: The USD/CAD yesterday opened with a 36-pip gap down from Friday’s price at closing. The pair initially dropped to reach 1.0281, its lowest point since 12 August and subsequently undertook a rise. The price reached a high at 1.0325. The day’s trading formed a hammer candlestick pattern, which indicates strong bullish pressure. The 1.0285 level had been offering strong support from 9 to 12 August. The ascending 200-day simple moving average, which is currently resident at 1.0270 also added to the upwards pressure.

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Today’s Asian trading hit an intraday low at 1.0315 and subsequently an intraday high at 1.0333. At press time the USD/CAD is trading at 1.0317 and is trying to go lower. The MCAD (9,12,1) has formed a divergence on the hourly chart, and the price may decline in the short term. But on the 4H chart the MACD is in a convergence mode since 9 September and in the medium term the price may end up gaining.

From Canada today is expected the Manufacturing Sales m/m report for July, and the forecast is for a 0.6 percent rise, compared to the prior 0.5 percent decrease. A value above that forecast would impact positively on the Canadian dollar. However the effect may be neutralised if the US Core CPI m/m (0.1 percent rise expected) and CPI m/m (0.2 percent increase forecasted) data for August also show better values than those expected.
Levels of resistance: 1.0335, 1.0355 and 1.0380.
Levels of support: 1.0315, 1.0300 and 1.0285.
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