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Soft Chinese Economic Data, Another Vote Rejected by U.K Parliament & Bullish EIA Oil Estimates

By Research Team Thursday, Mar 14, 2019
FOREX

USD/CAD Outlook

    • 9.40am ISTW1
    • High1.33125
    • Low1.32862
    • Close1.33067

USD/CAD is trading at 1.33106, 0.18% up since Wednesday. The Canadian Dollar strengthened as against the firm USD on account of chances of delay in actual Brexit which is to be held on March 29, 2019. Also, a rise in Oil prices turned positive for USD/CAD as they are directly correlated. Last week, Building Permits fell by 5.5% from 6.4% in the previous month. Earlier, the Bank of Canada left an interest rate steady at 1.75% as expected & failed to hint towards further monetary easing which weigh down USD/CAD. The outcome of NHPI data will remain crucial for the day. The Canadian Dollar is expected to trade stronger as against the USD for the day as it corrected till MA (10) & MA (20).

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Morning Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.34784
R2 1.33975
R1 1.33438
Turnaround 1.33166
S1 1.32629
S2 1.32357
S3 1.31548
By Research Team Thursday, Mar 14, 2019
COMMODITY

SILVER Outlook

    • 10.15am ISTD1
    • High15.443
    • Low15.37000
    • Close15.401

Silver is trading at $15.400, 0.28% down since Wednesday. The Silver turned slightly weaker after China released weaker economic data on Thursday since China is a major consumer of precious metals. On Wednesday, an ongoing political issue in U.K after its Prime Minister loses a Parliamentary vote towards Brexit with deal & no-deal as well cushioned the safe haven commodities. Also, the weaker than expected outcome of U.S Core Durable Goods Orders & PPI data turned negative for USD & positive for precious metals. The U.S is to issue its Unemployment Claims & New Home Sales data on Thursday which will remain a concern. Buying may be continued to be seen further for the day.

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Morning Outlook

Silver

Intra Day
Near Day

Technical Levels

R3 15.67200
R2 15.56000
R1 15.49900
Turnaround 15.45200
S1 15.38900
S2 15.34200
S3 15.23200
By Research Team Thursday, Mar 14, 2019
INDICES

CHNComp Outlook

    • 9.58am ISTD1
    • High11476
    • Low11404.00000
    • Close11454

CHNComp is trading at 11445, 0.06% down since Wednesday. The Chinese shares lost the momentum in early trade on Thursday post release of Industrial Production data which grew by just 5.3% lower than the expectation of 5.5% & the Unemployment Rate increased to 5.3% from 4.9% in the previous month. Last week, the Chinese CPI rate grew by just 1.5% lower than the prior figure 1.7% & the PPI rate         increased by 0.1% lower than expectation 0.2%. Globally, an uncertain outlook towards Brexit will remain a key factor for CHNComp. The China is to publish its Foreign Direct Investment data on Friday. As seen in the chart, the CHNComp is trading near MA (10) & MA (20). Wait & watch strategy may be adopted for the day.

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Morning Outlook

CHNComp

Intra Day
Near Day

Technical Levels

R3 11651.00000
R2 11533.00000
R1 11470.00000
Turnaround 11415.00000
S1 11352.00000
S2 11297.00000
S3 11179.00000