• Flag of UK
  • Flag of USA
  • Flag of UAE

Forex Fundamental Analysis

Wed,14 Dec 2016-   TechnicalAnalysis

The previous working day high of the pair USDCAD was 1.31392 whereas previous day low was 1.31019. As evident from previous price movements, the trend is following a descending order wedge. As far as today’s analysis is concerned the best time to go for trade is when there is a bullish breakout of descending wedge and then breakout of previous high, in this case good long opportunities can be availed. In this case target profit can be set at 1.32421 (strong resistance level with reference to daily and hourly movement of candles). Further long trade can be continued in case of bullish trend continuity but in case of pullback counter short trade opportunities can be availed accordingly. News related to USD: retail sales, PPI, Industrial production, business inventories, and crude oil inventories is due today.

Aimen Tayyab

Financial Analyst