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Strong Currencies Amid Softer US Dollar Index, Oil Prices Surges Up Ahead of OPEC Meet & Mixed Global Indices

By Research Team Tuesday, Nov 17, 2020
FOREX

USD/CAD

    • 2.53pm ISTD1
    • High1.30898
    • Low1.30647
    • Close1.30792

USD/CAD is trading at 1.30673, 0.08% up since Monday. The Canadian Dollar moved higher against the soft USD amid rising hopes over Covid-19 vaccine trials by Moderna, a U.S Pharma Company. Globally, the winning of Biden over U.S Presidency turned supportive for major currency pairs. In Canada, the Manufacturing Sales grew by just 1.5% lower than expectation 1.7% which failed to create any negative momentum in USD/CAD. The result of Foreign Securities Purchases & Wholesale Sales data will remain in focus for the day. As seen in the chart, the pair is trading below the MA (10) & MA (20) & also, within a bullish channel pattern indicating further buying in CAD against the USD.

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Evening Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.32320
R2 1.31623
R1 1.31197
Turnaround 1.30926
S1 1.30500
S2 1.30229
S3 1.29532
By Research Team Tuesday, Nov 17, 2020
COMMODITY

WTI OIL

    • 3.25pm ISTD1
    • High41.91
    • Low41.36
    • Close41.64

WTI Oil is trading at $41.51, 0.17% up since Monday. The Oil prices moved up on Tuesday ahead of the OPEC-JMMC meeting wherein the focus remains on extension of Oil output cuts by three months in order to control drowning Oil prices. Also, the rising hopes towards Covid-19 drug trials after Moderna & Pfizer announced effective tests; widely cushioned the Oil prices since this may revive the Oil consumption level. The recent U.S Baker Hughes estimates showed a rise in Oil rig counts by 10 leading to 336 from 326 in the previous week. The result of API report will remain in focus for the day. Buying on corrective dips may be recommended in WTI Oil since the commodity is trading above the short term Moving Averages.

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Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 45.32000
R2 43.38000
R1 42.49000
Turnaround 41.44000
S1 40.55000
S2 39.50000
S3 37.56000
By Research Team Tuesday, Nov 17, 2020
INDICES

GER30

    • 3.08pm ISTD1
    • High13144
    • Low13071
    • Close13120

GER30 is trading at 13109, 0.12% down since previous day close. The European markets opened slightly weaker on Tuesday as resurging Covid-19 cases in few European regions overshadowed the optimism over progressive vaccine trails.  However, the growing expectation towards U.S stimulus aid & strong Chinese economic data remains bullish for indices on short term basis. Last week, the German ZEW Economic Sentiment fell to 39.0 from 56.1 in the previous month. An upcoming speech of Fed Powell will remain in focus today. As seen in the chart, the GER30 is hovering near major resistance level of 13200 which indicates a strong breakout if breached or a reversal if sustained.

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Evening Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 13566.00000
R2 13364.00000
R1 13256.00000
Turnaround 13162.00000
S1 13054.00000
S2 12960.00000
S3 12758.00000
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