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CAD
Fundamental Analysis
(12th Mar): Oil rose for a second day as Saudi Arabia was said to plan extending deep supply curbs and a nationwide blackout sparked a production collapse in Venezuela. WTI futures for April delivery traded at $57.14 a barrel on the NYME, up 35 cents. Hedge funds are still betting on a oil price rally and the reason more from the impact of OPEC output cuts, a pipeline explosion in Nigeria and US sanctions on Iran and Venezuela. This could serve as a strong support for CAD in the long term. Our technical analysis gives us an alert that a potential drop could occur for CAD as the CXY is approaching the 74.8 resistance level after Monday’s rally. But there’s still a chance that a breakout above can happen given recent strong oil upward price traction.
(11th Mar): Canada’s economy added 56,000 jobs in February, and most were full time.Economists had been expecting a flat showing for the month, with a little over 1,000 new jobs. Wages inched higher, too. On average, pay packets have increased by 2.3 per cent in the year up to February, a rise from a 1.8 per cent annual pace the previous month. This is the most positive news after the disappointing GDP growth and inflation rate number. This could give CAD a short-time support although oil price was kept a lid from Libya’s recoveries.
Meanwhile, CAD could benefit from the news that U.S. and China are near to a currency deal , which can lift off the investor’s risk aversion for a short time before more deals are reached. Our technical analysis also shows that the canadian dollar index is expected to bounce from 73.4 support level.
Technical Analysis
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USD
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Fundamental Analysis
(12th Mar): U.S. retail sales stabilized in January after a plunge the prior month that was larger than first reported, indicating consumers may still be able to help support economic growth after a dismal end to 2018. Sales in the “control group” subset… [/blur][/vc_column_text][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column][vc_empty_space height=”35px”][vc_row_inner row_type=”row” type=”full_width” use_row_as_full_screen_section_slide=”no” text_align=”left” css_animation=””][vc_column_inner width=”1/5″][/vc_column_inner][vc_column_inner width=”3/5″][vc_separator type=”normal” color=”#b70909″ border_style=””][/vc_column_inner][vc_column_inner width=”1/5″][/vc_column_inner][/vc_row_inner][vc_empty_space height=”35px”][/vc_column][/vc_row][vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” background_animation=”none” css_animation=””][vc_column width=”1/5″][/vc_column][vc_column width=”3/5″][kswr_heading head_align=”center” head_subtitle_color=”#333333″ head_title=”ACCESS RESTRICTED” head_title_fsize=”font-size:23px;line-height:2;” head_title_fstyle=”font-family:Inherit;font-weight:700;” head_subtitle_fsize=”font-size:17px;line-height:1.5;” head_subtitle_fstyle=”font-family:Inherit;font-weight:inherit;” head_title_margins=”margin-top:0px;margin-bottom:0px;” head_subtitle_margins=”margin-top:0px;margin-bottom:0px;”]Our comprehensive daily reports covers both technical and fundamental analysis, and are customised to your requirements.
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