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Weak German Factory Orders, Chances of Brexit to be Postponed & Awaiting for EIA Oil Estimates

By Research Team Wednesday, Feb 6, 2019
FOREX

USD/CAD Outlook

    • 3.35pm ISTD1
    • High1.3198
    • Low1.31260
    • Close1.31919

USD/CAD is trading at 1.31895 making a day-high of 1.31982 & day-low of 1.31238. The volatile Oil prices affect the Canadian Dollar (CAD) as they are directly correlated. In Canada, the Manufacturing PMI fell to 53.0 from 53.6 in the previous month& the GDP rate dropped by 0.1% weaker than the prior figure of 0.3%. Globally, rising U.S-China trade tensions, FOMC interest rate decision & Brexit issue will widely contribute a momentum in USD/CAD. The outcome of Building Permits & Ivey PMI data will remain significant for the pair USD/CAD. As seen in the chart, the pair is hovering near MA (10) indicating the possibility of reversal or further upside till MA (20). Slight weakness may be observed in CAD as against the USD.

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Evening Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.32283
R2 1.31776
R1 1.31523
Turnaround 1.31269
S1 1.31016
S2 1.30762
S3 1.30250
By Research Team Wednesday, Feb 6, 2019
COMMODITY

GOLD Outlook

    • 4.05pm ISTD1
    • High1315.57
    • Low1312.53000
    • Close1313.2

Gold is trading at $1313.28 making a day-high of $1315.87 & a day-low of $1312.04. The Gold seems to be trading slightly negative as traders booked their profits after metal tested a recent high of $1320 levels in last week. Also, the shutdown of Chinese markets on account of nation holidays weigh down the Gold as China is a major consumer of metals. A dovish stance over rate hike in last FOMC meeting cushioned the Gold in the preceding week. Earlier, the White House rejected meeting between U.S & China which was planned to be held in this week pushing up the Gold. As seen in chart, the slight correction can be seen in Gold till short term Moving Averages & hence, selling may be recommended further for the day.

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Evening Outlook

Gold

Intra Day
Near Day

Technical Levels

R3 1326.15000
R2 1320.07000
R1 1317.40000
Turnaround 1313.90000
S1 1311.39000
S2 1307.97000
S3 1301.83000
By Research Team Wednesday, Feb 6, 2019
INDICES

US30 Outlook

    • 3.52pm ISTD1
    • High25357
    • Low25257.00000
    • Close25283

US30 is trading at 25285 making day-high of 25357 & day-low of 25257. The U.S stocks seems to be trading positive due to mixed sentiments over U.S Donald Trump’s State of the Union speech expressing no comments on Chinese trade conflicts & bordering trade wall with Canada. Last week, the better than expected U.S Non-farm Payroll data widely cushioned the US30. Earlier, an upward momentum can be seen in major indices as FOMC seems to be patient more than market expected in its latest meeting. Ongoing U.S-China trade talks & Brexit issue will remain crucial for indices in future course of time. As seen in the chart, the US30 is trading above the Fibo level 23.6 & hence, buying bias may be observed on the daily basis.

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Evening Outlook

US30

Intra Day
Near Day

Technical Levels

R3 25735.00000
R2 25506.00000
R1 25413.00000
Turnaround 25277.00000
S1 25184.00000
S2 25048.00000
S3 24819.00000