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CAD
Fundamental Analysis
(19th Mar): On Monday, crude oil traded near a four-month high as OPEC and its allies recommended deferring a decision on whether to extend oil production cuts until June. This has sent USDCAD lower on Monday. On a data front, recent weak economic data and a dovish Bank of Canada outlook have aroused negative sentiment for CAD. It could get even worse on Friday if retail sales and inflation reports don’t live up to expectations. The weak risk-on sentiment, as well as the rally in oil price, can support CAD for the day’s trading, as the CXY is also indicating a possible bounce off from the 74.8 support level.
(18th Mar): Oil retreated for a second session after Saudi Arabia said the job of balancing the market was “nowhere near complete”. Oil has rallied almost 30% this year as the OPEC curbed production to avert a global glut. While American drilling activity has slowed, the nation is still forecast to pump record volumes. WTI oil drop could not support CAD’s near-term rally further, and a possible downward price action could occur. This echoes our technical analysis that CXY is likely to drop from the 75.0 resistance level.
Technical Analysis
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USD
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Fundamental Analysis
(19th Mar): Although there are no major U.S. events on the schedule, USD edged lower on Monday in a strong risk-on sentiment which shrank later on Tuesday. The USD tend to steady ahead of the FOMC meeting on Wednesday. A soft housing number released on Monday is adding on to the downward traction. The risk-on… [/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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