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COFFEE, US30 and USD/CAD

By Research Team Friday, Aug 5, 2022
COFFEE

    • 10.15amD1
    • High220.38
    • Low214.08
    • Close219.37

Coffee is trading at $219.96, 0.25% up since previous day close. The Brazilian Real (BRL) currency & Coffee prices moved on higher side since last two trading sessions as USD weakens amid upcoming U.S NFP data release event. This may fetch lower returns to Brazilian farmers while exporting the beans to U.S. Earlier, the rising inflationary pressure across the globe reduced the consumption demand of global commodities including agri-commodities. The change in climatic conditions in Brazil affected the output & supplies level & hence, prices boosted up; for Brazil is a top producer of Coffee. Buying bias may be maintained in Coffee at lower levels as it is hovering above the Moving Averages of period 10 & 20.

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Daily Outlook

COFFEE

Intra Day
Near Day

Technical Levels

R3 230.54300
R2 224.24000
R1 221.81000
Turnaround 217.94000
S1 215.51000
S2 211.64000
S3 205.34300
By Research Team Friday, Aug 5, 2022
US30

    • 9.58amW1
    • High32784
    • Low32691
    • Close32773

US30 is trading at 32772.8, 0.11% up since previous day close. An upside can be seen in US markets ahead of the U.S NFP data release with an expected mild rise in employment figures. Last week, the Fed Chair Powell stated the chances of slowdown in rate hike move in future course of time which pushed up the major indices. The country’s Jobless Claims rose to 260K from 254K in the previous month while Trade Balance deficit fell to 79.6B from 89.4B previously. These turned out to be slightly supportive for US30. Ongoing U.S-China tension may remain vital on long run. As seen in the chart, the index is trading near Fibo level 61.8 which signals for a strong breakout if breached. Buying on lower side may be recommended for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33252.00000
R2 32986.00000
R1 32839.00000
Turnaround 32720.00000
S1 32573.00000
S2 32454.00000
S3 32188.00000
By Research Team Friday, Aug 5, 2022
USD/CAD

    • 9.30amW1
    • High1.28789
    • Low1.28672
    • Close1.2869

USD/CAD is trading at 1.28711, 0.07% down since previous day close. The Canadian Dollar (CAD) weakened on Friday amid a decline in Oil prices since they are directly correlated. Besides this, the mixed USD ahead of U.S NFP data release & corporate earnings results led some selling pressure in other currencies. On data front, the Canada’s Building Permits fell by 1.5% while the Trade Balance surplus grew to 5.0B from 4.8B in the prior month. The market will be eyeing country’s Employment & Ivey PMI data today which will remain in focus. As seen in the weekly chart, the pair is trading above the MA (10) & MA (20) which indicates the chances of selling bias in CAD against the USD.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.29707
R2 1.29126
R1 1.28910
Turnaround 1.28545
S1 1.28331
S2 1.27965
S3 1.27373
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