USD/CAD – Technical Analysis for Binary Options Robots
- 1 USD/CAD – Technical Analysis for Binary Options Robots
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Canada – Raw Materials Price Index
Later, at GMT 1:30 p.m., the Statistics Canada will release the month-over-month Raw Materials Price Index (RMPI), which measures the changes in the price of raw materials bought by manufacturers in the country over the past month.
Binary options traders consider the RMPI to be an important leading indicator of consumer inflation in Canada, because if manufacturers pay more to buy raw materials, then ultimately the retail customers end up paying for the higher cost of production.
Last month, the Canadian RMPI came decreased by -0.1% and the forecast for this month is currently set at an increase of 3.2%.
United States – Institute for Supply Management (ISM) Manufacturing PMI
On Thursday, at GMT 3:00 p.m., the Institute for Supply Management released its manufacturing PMI figure for the United States. The ISM’s US manufacturing PMI measures the level of a diffusion index based on a survey of 400 purchasing managers.
Purchasing managers in the United States are involved in the supply side of the economy. As most companies reduce their expenses and production based on their sales forecast, the survey of purchasing managers reveals the overall optimism of various companies in the country. Hence, binary options investors can easily figure out the sentiment regarding the economic condition in the country from the ISM manufacturing PMI readings.
Last month, the ISM manufacturing PMI for the United States came out at 51.9 and the forecast for this month is set at 52.1.
Trade Recommendation for the USD/CAD
Since August 18, 2016, the USD/CAD has remained in a strong uptrend and formed several uptrend lines in the process.
But, soon after the USD/CAD price reached near the 1.3500 pivot zone in the start of November, the bullish momentum faded and the pair started ranging between 1.3420 and 1.3590 levels.
Earlier today, the USD/CAD price penetrated below one of the uptrend lines as well as the psychologically important support level around 1.3465.
Since the Canadian RMPI is expected to increase by 3.2%, we believe it would likely have a bearish effect on the USD/CAD price. Hence, if the USD/CAD price closes below the 1.3465 level, it would likely attract additional bearish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a PUT order for the USD/CAD with their binary options robots as soon as the price closes below the 1.3465 level on the daily time frame.
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