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Forex Market: USD/CAD daily trading forecast

Friday’s trade saw USD/CAD within the range of 1.1946-1.2046. The daily high has also been the highest level since April 29th 2009. The pair closed at 1.1985, gaining 0.21% on a daily basis.

At 8:32 GMT today USD/CAD was down 0.10% for the day to trade at 1.1963. The pair touched a daily low at 1.1950 at 7:00 GMT.



Foreign investment in Canadian securities

Foreign portfolio investment in Canadian securities probably shrank to CAD 7.23 billion in November, according to the median forecast by experts, from CAD 9.53 billion in October. This indicator reflects the flow of incoming investments in the local stock, bond and money markets. An increasing flow of foreign investments is usually related with a positive economic outlook for the country being invested in. This usually increases demand for its currency and vice versa. Therefore, in case portfolio investment in Canadian securities shrank more than anticipated, this would have a certain bearish effect on Canada’s dollar. The official data by Statistics Canada is due out at 13:30 GMT.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.1992. In case USD/CAD manages to breach the first resistance level at 1.2039, it will probably continue up to test 1.2092. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2139.

If USD/CAD manages to breach the first key support at 1.1939, it will probably continue to slide and test 1.1892. With this second key support broken, the movement to the downside will probably continue to 1.1839.

The mid-Pivot levels for today are as follows: M1 – 1.1866, M2 – 1.1916, M3 – 1.1966, M4 – 1.2016, M5 – 1.2066, M6 – 1.2116.

In weekly terms, the central pivot point is at 1.1943. The three key resistance levels are as follows: R1 – 1.2088, R2 – 1.2190, R3 – 1.2335. The three key support levels are: S1 – 1.1841, S2 – 1.1696, S3 – 1.1594. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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