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U.S- Sino Meeting Extended for a Day, Bullish API Oil Estimates & Upcoming BoC Meet

By Research Team Wednesday, Jan 9, 2019
FOREX

USD/CAD Outlook

    • 3.15pm ISTW1
    • High1.32729
    • Low1.32226
    • Close1.32413

USD/CAD is trading at 1.32252, 0.47% up since Tuesday. The Canadian Dollar gained the momentum ahead of the outcome of Bank of Canada meeting planned to be held today focusing on interest rate decision. In Canada, the number of employed people increased by 9.3K higher than the expectation of 6.8K & the Unemployment Rate dropped to 5.6% against an estimation of 5.7%. On Tuesday, the Trade Balance deficit fell to 2.1B from 0.9B in the prior month which slightly weighs down the Canadian Dollar. As seen in the chart, the pair is successfully trading near the short term Moving Averages & hence, slight buying may be seen in CAD as against the USD for the day.

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Evening Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.33972
R2 1.33419
R1 1.33069
Turnaround 1.32866
S1 1.32510
S2 1.32313
S3 1.31790
By Research Team Wednesday, Jan 9, 2019
COMMODITY

WTI OIL Outlook

    • 3.45pm ISTD1
    • High50.64
    • Low50.21000
    • Close50.26

WTI Oil is trading at $50.29, 0.29% up since Tuesday. The Oil prices seems to be trading positive post release of American Petroleum Institute (API) report which showed a drop-down in Oil stocks level by 6.27 million barrels per day as against the previous fall of 4.50 million barrels per day. Also, the positive expectations from U.S-China trade negotiation which is to be revealed today pushed up the prices as China is a major Oil consuming country. Earlier, the Oil traded at multi-year lows due to heavy selling pressure in equities due to weak global cues. The EIA is to publish its estimates over Oil inventory level as compared to last week on Wednesday. Slight buying may be recommended for the day.

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Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 52.60000
R2 50.97000
R1 50.38000
Turnaround 49.34000
S1 48.75000
S2 47.74000
S3 46.08000
By Research Team Wednesday, Jan 9, 2019
INDICES

US30 Outlook

    • 3.32pm ISTD1
    • High23888
    • Low23743.00000
    • Close23800

US30 is trading at 23787, 0.15% up since previous day close. An upward momentum can be seen in US30 as China & U.S agreed to extend their meeting till Wednesday with a hope of coming out with a trade agreement to ease down the disputes. In U.S, the NFIB Small Business Index rose to 104.4 higher than the expectation of 103.1 whereas the JOLTS Job Openings dropped to 6.89M from 7.13M in the previous month. The suspicious view about interest rate hike in near term will remain crucial for US30. Also, the FOMC is to issue its Meeting minutes today late evening which will be closely watched. As seen in the chart, the US30 is hovering near Fibo level 50.0 & hence, strong buying may be continued further if breached the level.

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Evening Outlook

US30

Intra Day
Near Day

Technical Levels

R3 24384.00000
R2 24037.00000
R1 23883.00000
Turnaround 23690.00000
S1 23536.00000
S2 23343.00000
S3 22996.00000