USD/CAD – Technical Analysis for US Binary Options Brokers
Canada – Manufacturing Sales
Tomorrow, at GMT 2:30 p.m., the Statistics Canada will release the month-over-month manufacturing sales data, which measures the changes in the total value of sales made by Canadian manufacturers over the past month.
Since changes in manufacturing sales affect the manufacturers’ future decisions regarding hiring, corporate spending, and overall investment climate in the country, US binary options investors consider the manufacturing sales data to be a leading indicator of the Canadian economy.
Last month, the Canadian manufacturing sales figure increased by 1.5%. and the forecast for this month is currently set at an additional increase of 1.4%.
United States – Core Consumer Price Index
At the same time, at 2:30 p.m., the US Bureau of Labor Statistics will release the month-over-month Core Consumer Price Index (CPI) data.
Since the Core CPI measures the changes in the price of goods and services but excludes the volatile food and energy prices, binary options traders consider this data to be more important compared to the CPI figure.
Last month, based on the US Core CPI, there were around 0.2% inflation in the economy. This month, the forecast is set at 0.2% inflation as well.
Trade Recommendation for the USD/CAD
Since breaking below the uptrend line on January 9, 2017, the USD/CAD price has declined by around 200 pips to near the 1.3025 level, where it found strong support. Although the price penetrated below the 1.3025 level last month, it soon retraced towards the 1.3150 level. Last week, the bearishness resumed and currently, the USD/CAD is approaching the 1.3025 level to test it once again.
As the US core consumer price index is expected to remain unchanged at 0.2%, but the Canadian manufacturing sales figure is expected to come out at 1.4% increase, it would likely set a bearish fundamental perspective for the pair. Hence, if the USD/CAD price penetrates and closes below the 1.3025 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 US binary options brokers as soon as the price closes below the 1.3025 level on the daily timeframe.
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