By Mexgroup.com

USD/CAD Is The Corrective Phase Completed?

The USD/CAD posted some gains in the first part of the day, but what will come is more important. The economic calendar is filled with high impact data, which will have a huge impact on the price action. Price continues to be under immense selling pressure because is located under some important resistance levels (support turned into resistance).

USD/CAD increased even if the dollar index has decreased further, we’ll be important to see how will react after the Canadian and the US data will be sent to the public. The USDX is trading near an important support zone, but remains under pressure.

The BOC is expected to leave the rate unchanged today, at 0.75%, could announce a rate hike in the upcoming month. The Canadian Trade Balance could increase from -3.6B to -3.2B, while the Labor Productivity could increase by 0.9%. The greenback needs a helping hand from the US economy, but remains to see if will receive one.

Price is on a declining path and maintains a bearish perspective. Has dropped again below the median line (ml) of the minor descending pitchfork and under the lower median line (lml) of the black descending pitchfork. Only a false breakdown below these levels will signal a reversal in the upcoming weeks.

USD/CAD failed once again to reach and retest the lower median line (LML) of the major descending pitchfork, signaling an oversold. However, is premature to say that the corrective phase is completed, because the fundamental factors could demolish any bullish perspective.

Technically, a retest of the lower median line (lml) of the minor ascending pitchfork will confirm a further increase in the upcoming period.

GBP/USD Reached Another Upside Target

GBP/USD resumed the upside movement and has managed to reach the 1.3046 static resistance. I’ve said in the previous reports that the rate should reach this level after the retest of the 250% Fibonacci line. A breakout will signal a further increase towards the warning line (wl1).

AUD/USD Is This Really Overbought?

AUD/USD increased today, but failed to reach the 0.8027 yesterday’s high and the median line (ml) of the minor ascending pitchfork, signaling an exhaustion.  Price rallied in the yesterday’s trading session and retested the median line (ml), but unfortunately has failed to close near it. The pair is trading in the red right now and seems determined to reach and retest the lower median line (lml) again.

By Olimpiu Tuns

Market Analyst

Risk Disclaimer:

Trading, in genera,l 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’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions.  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.

The post Daily Market Report – USD/CAD Fundamental Storm On Radar September 06, 2017 appeared first on mexgroupblog.