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Upbeat Chinese Economic Data May Stabilize the Market Conditions

By Research Team Friday, Sep 16, 2022
USD/CAD

    • 9.55amW1
    • High1.32486
    • Low1.32277
    • Close1.32433

USD/CAD is trading at 1.32414, 0.08% down since previous day close. The correction can be seen in Canadian Dollar (CAD) on Friday after inching upside in the previous session. The traders are looking forward to the outcome of FOMC meeting which is to be held in the next week; focusing on interest rate hike decision. In Canada, the Manufacturing Sales fell by 0.9% against the expected fall of 1.0% which slightly cushioned the USD/CAD. The result of Housing Starts & Foreign Securities Purchases data will remain in focus for the day. As seen in chart, the pair almost crossed over the upper trend-line of channel pattern & is trading above the MA (10) & MA (20). This indicates the selling pressure in CAD against the USD.

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.34124
R2 1.33153
R1 1.32819
Turnaround 1.32182
S1 1.31848
S2 1.31211
S3 1.30240
By Research Team Friday, Sep 16, 2022
CHNIND

    • 10.14amD1
    • High6481
    • Low6381
    • Close6458

CHNIND is trading at 6458.8, 0.02% up since previous day close. The CHNIND seems to be trading flat to higher side post release of key economic data. The Retail Sales grew by 5.4% from 2.7% in the previous month & the Industrial Production rose by 4.2% above expectation 3.8%. These upbeat estimates remained bullish for Asian shares. The cash injection by PBoC in the financial & economic system remains strong factor for bullishness in CHNIND. Earlier, the U.S CPI data showed a rise in inflation by 0.1% against the expected fall of 0.1% which raises the strong chance of interest rate hike by 75bps in the Fed’s next meeting. This weighs down the indices in beginning of the week. Slight buying bias may be established for the day in CHNIND.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 6623.00000
R2 6546.00000
R1 6498.00000
Turnaround 6469.00000
S1 6421.00000
S2 6392.00000
S3 6315.00000
By Research Team Friday, Sep 16, 2022
SOYBEAN

    • 10.35amW1
    • High1454.54
    • Low1443.04000
    • Close1444.51

Soybean is trading at $1445.07, 0.08% down since previous close. The selling pressure can be seen in agri-commodities since last few trading sessions against the strong USD. This makes the other commodity-backed currencies weaker & hence, the respective commodities as well. The rise in U.S CPI data led the sell-off in equities & commodities. Besides this, the change in climatic conditions in Argentina increases the production & supplies level of Soybean; as Argentina is a major beans producing country. The outcome of forthcoming FOMC meeting will remain vital for commodities. As seen in the chart, the Soybean is trading near MA (10) & MA (20) which indicates the chances of bullishness if breached.

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Daily Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 1765.18000
R2 1737.18000
R1 1726.93000
Turnaround 1709.18000
S1 1698.93000
S2 1681.18000
S3 1653.18000
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