{"id":110053,"date":"2017-07-31T07:57:05","date_gmt":"2017-07-31T11:57:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=110053"},"modified":"2017-07-31T07:57:05","modified_gmt":"2017-07-31T11:57:05","slug":"daily-market-report-usdcad-is-the-downside-swing-completed-july-31-2017","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/daily-market-report-usdcad-is-the-downside-swing-completed-july-31-2017\/","title":{"rendered":"Daily Market Report USD\/CAD is the downside swing completed July 31, 2017"},"content":{"rendered":"
July 31, 2017<\/div>
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By<\/b> Mexgroup.com<\/a><\/p>\n

USD\/CAD around critical support<\/strong><\/p>\n

Price increased today as the USD has received a helping hand from the USDX, which has increased a little after the Friday’s massive drop. USD\/CAD is located in a major support area, needs a bullish spark to be able to really start a bounce back<\/p>\n

The outlook is bearish because the dollar index could decrease further in the upcoming days till will reach the 92.49 static support. USD\/CAD is under massive pressure on the Daily chart, could drop anytime, we’ll see what impact will have the US and the Canadian data.<\/p>\n

The Canadian RMPI is forecasted to drop by 3.2% in June, more versus the 1.8% decrease in the former reading period, while the IPPI is expected to decrease by 0.3%, more compared to the 0.2% drop in the former reading period.<\/p>\n

You should know that the US data could shake the currency market, the Chicago PMI may drop from 65.7 to 60.8 points, signaling an expansion slowdown, while the Pending Home Sales are expected to increase by 0.9%, more after the 0.8% drop in the previous reporting period.<\/p>

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\"31USDCAD\"<\/a><\/p>\n

USD\/CAD decreased sharply on Friday and invalidated the breakout above the fourth warning line (wl4) and above the lower median line (black down sloping line). Right now is pressuring the 1.2460 broken support, we’ll see what will happen in the upcoming hours as the fundamental factors should take the lead.<\/p>\n

A good US data and poor Canadian reports will help the USD to drag the price higher, but another disappointment from the US will send the rate much much below the 1.2413 level. We may have a larger rebound only if the rate will come back and will stabilize above the 1.2460 critical support.<\/p>\n

USD\/CHF sits above strong support <\/strong><\/p>\n

\"31USDCHF\"<\/a><\/p>\n

Price rallied in the last week, but failed to reach and retest the median line (ml) of the descending pitchfork. Could decrease to retest the 0.9634 level (resistance turned into support) before will try to take out the dynamic resistance. We could have a great buying opportunity if it will come to retest the second warning line (WL2) as well, while a valid breakout above the median line (ml) will confirm an important upside movement.<\/p>\n

Brent right below next upside target<\/strong><\/p>\n

\"31Brent\"<\/a><\/p>\n

Brent is trading right above the 52.50 level and was almost to reach the 53.03 major static resistance in the morning, but the sellers have stepped in and have forced it to slip below the 52.66 Friday’s high. Is still expected to approach and reach the 53.03 and the 61.8% retracement level, where he may fid resistance again.<\/p>\n

By Olimpiu Tuns<\/strong><\/p>\n

Market Analyst<\/strong><\/p>\n

Risk Disclaimer:<\/span><\/em><\/p>\n

Trading in general is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment\/deposit, so do not invest money you can afford to lose. You are strongly advised to carry out your independent research before making any trading decisions.\u00a0 All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this web site.<\/span><\/em><\/p>\n

The post Daily Market Report USD\/CAD is the downside swing completed July 31, 2017<\/a> appeared first on mexgroupblog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mexgroup.com USD\/CAD around critical support Price increased today as the USD has received a helping hand from the USDX, which has increased a little after the Friday’s massive drop. USD\/CAD is located in a major support area, needs a bullish spark to be able to really start a bounce back The outlook is bearish […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-110053","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=110053"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110053\/revisions"}],"predecessor-version":[{"id":110054,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110053\/revisions\/110054"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=110053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=110053"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=110053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}