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Forex Market: CAD/MXN daily trading forecast

Yesterday’s trade saw CAD/MXN within the range of 11.9762-12.0471. The pair closed at 12.0384, gaining 0.13% on a daily basis.

At 11:23 GMT today CAD/MXN was down 0.03% for the day to trade at 12.0329. The pair touched a daily low at 12.0251 at 6:20 GMT.

Fundamental view


Selling prices of new homes in Canada probably rose 0.2% in June compared to a month ago, following another 0.1% gain in May. The New Housing Price Index is a key indicator, reflecting the health of nation’s housing market. In case prices surged more than anticipated, this would have a bullish effect on the loonie. Statistics Canada will release the official data at 12:30 GMT.

Technical view


According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 12.0206. In case CAD/MXN manages to breach the first resistance level at 12.0649, it will probably continue up to test 12.0915. In case the second key resistance is broken, the pair will probably attempt to advance to 12.1358.

If CAD/MXN manages to breach the first key support at 11.9940, it will probably continue to slide and test 11.9497. With this second key support broken, the movement to the downside will probably continue to 11.9231.

The mid-Pivot levels for today are as follows: M1 – 11.9364, M2 – 11.9719, M3 – 12.0073, M4 – 12.0428, M5 – 12.0782, M6 – 12.1137.

In weekly terms, the central pivot point is at 12.1011. The three key resistance levels are as follows: R1 – 12.1625, R2 – 12.2522, R3 – 12.3136. The three key support levels are: S1 – 12.0114, S2 – 11.9500, S3 – 11.8603.

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