Yesterday’s trade saw USD/CAD within the range of 1.1930-1.1987. The pair closed at 1.1939, losing 0.27% on a daily basis. On Friday the cross touched its highest level since April 29th 2009 at 1.2046. During the week ended on January 16th USD/CAD registered its eight consecutive weekly gain, rising 0.99%.
At 9:08 GMT today USD/CAD was up 0.13% for the day to trade at 1.1956. The pair touched a daily high at 1.1983 at 6:15 GMT.
Fundamentals
United States
NAHB Housing Market Index
The National Association of Home Builders (NAHB) Housing Market Index probably continued to rise in January, reaching 58.0, according to expectations, from 57.0 in December. If so, this would be the highest index reading since September, when the indicator stood at 59.0. It is based on a monthly survey in regard to current home sales and expected sales in the coming six months. Values above the key level of 50.0 indicate that housing market conditions are good. Therefore, higher-than-projected readings would provide support to the greenback. The official data is scheduled for release at 15:00 GMT.
Canada
Manufacturing sales
Manufacturing sales in Canada probably dropped 0.6% in November compared to October, according to market expectations, following another 0.6% decrease in October compared to September. In September shipments were 2.2% higher than a month ago. The Monthly Survey of Manufacturing features statistical data regarding sales of finished goods, inventories, unfilled orders and new orders in Canadian sector of manufacturing. About 10 500 items and 27 000 companies are encompassed.
Manufacturing sales are considered as an indicator of demand in the future. An increase in the number of goods and unsold inventories suggests, that demand is not sufficient and vice versa. On the other hand, an increase in sales (shipments) speaks of strong demand. Therefore, in case shipments decreased at a faster than projected pace, this might have a bearish impact on Canadas dollar. Statistics Canada will release the manufacturing data at 13:30 GMT.
Pivot Points
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.1952. In case USD/CAD manages to breach the first resistance level at 1.1974, it will probably continue up to test 1.2009. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2031.
If USD/CAD manages to breach the first key support at 1.1917, it will probably continue to slide and test 1.1895. With this second key support broken, the movement to the downside will probably continue to 1.1860.
The mid-Pivot levels for today are as follows: M1 – 1.1878, M2 – 1.1906, M3 – 1.1935, M4 – 1.1963, M5 – 1.1992, M6 – 1.2020.
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.
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