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Huawei CFO Arrested, Indices in Red & Awaiting for U.S ADP Data

By Research Team Thursday, Dec 6, 2018
FOREX

USD/CAD Outlook

    • 4.17pm ISTD1
    • High1.34453
    • Low1.33539
    • Close1.343

USD/CAD is trading at 1.34292 making a day-high of 1.34319 & day-low of 1.33539. The Canadian Dollar (CAD) weakened widely after the Huawei’s CFO, Meng Wanzhou, arrested for breaching the Iran sanctions as imposed by U.S. This may aggravate the trade problems between U.S & Canada. In an earlier session, the Bank of Canada (BoC) left an interest rate steady at 1.75% as expected which slightly weigh down the pair. The trend largely depends upon the result of Trade Balance & Ivey PMI data scheduled to be released today. As seen in the chart, the pair USD/CAD successfully crossed the major resistance of previous high & hence, further weakness may be seen in CAD against the USD for the day.

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Evening Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.36282
R2 1.34815
R1 1.34179
Turnaround 1.33345
S1 1.32712
S2 1.31881
S3 1.30414
By Research Team Thursday, Dec 6, 2018
COMMODITY

WTI OIL Outlook

    • 5.00pm ISTD1
    • High53.28
    • Low50.24000
    • Close51.26

WTI oil is trading at $51.27 making a day-high of $53.28 & day-low of $50.24. The  selling pressure can be noticed in Oil prices as the market waits for the OPEC meeting which is to be held today at Austria focusing on the output levels. The API released its report showing a build-up in Oil stocks level by 5.36 million barrels per day higher than the previous figure of 3.45 million barrels per day. Earlier, the price rallied after Saudi Arabia & Russia agreed to cut-down its oil output levels in order to stabilize the markets. The outcome of Oil inventory estimates from Energy Information Administration (EIA) will remain in focus today. Slight selling may be seen for the day in Oil.

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Evening Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 57.65000
R2 55.40000
R1 54.15000
Turnaround 53.15000
S1 51.90000
S2 50.90000
S3 48.65000
By Research Team Thursday, Dec 6, 2018
INDICES

UK100 Outlook

    • 4.38pm ISTD1
    • High6890
    • Low6730.00000
    • Close6741

UK100 is trading at 6754 making day-high of 6890 & day-low of 6730. The global indices slid down after Chinese executive at Huawei arrested in Canada & traders are awaited for the result of OPEC meeting which is to be released today. Also, the traders & investors are suspicious whether U.S & China will be able come out with the trade resolution within 90 days as said in G20 summit. In U.K, the Services PMI fell to 50.4 lower than the previous figure    52.2 showing the slowdown in services industry for the month. The U.K is to issue Consumer Inflation Expectations on Friday which will remain vital for UK100. As seen in the chart, an index crossed the major support level of previous lows & hence, slight selling may be recommended further for the day.

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Evening Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7073.00000
R2 7003.00000
R1 6958.00000
Turnaround 6933.00000
S1 6888.00000
S2 6863.00000
S3 6793.00000