Headlines the Economic Calendar on Tuesday
1. Canada Retail Sales Data: Canada Retail Sales are expected to come out at 0.5% m/m in August, while core retail sales are expected to rise to 0.1% from -0.1%. A higher than expected reading should be taken as positive for the Canadian dollar.
2. US Existing-Home Sales Coming: Existing Home Sales measure monthly sales of previously owned single-family homes and is expected to fall by -0.7% m/m in September. If the data post a weak performance as indicated by the consensus estimate, it would be negative for the US dollar.
3. BOC Business Outlook Survey: The survey of about 100 businesses asks respondents to rate the relative level of general business conditions in Canada.
Technical Analysis:
EUR/USD: The EUR/USD upward movement paused at the 1.1165 daily resistance level. if the pair shows a downward movement below 1.1165, we will see the support levels at 1.1114 and 1.1052. On the upside, if the pair breaks out 1.1165, the next resistance level can be seen at 1.1237.
Support : 1.1114 - 1.1052 - 1.1007
Resistance : 1.1165 - 1.1237 - 1.1307
USD/JPY: The USD/JPY pair moved up above the 108.52 daily support level. As long as the price stays above 108.52 on a daily basis, we will face 108.79 and 109.09 as the resistance levels. In contrast, If the pair drops below 108.52, we will see the next support level at 108.14
Support : 108.52 - 108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
GOLD: The gold price found sellers from the 1492 daily resistance level and then showed a downward movement yesterday. In the event that the fall continues, we will see 1478 and 1466 as the main support levels. On the other hand, if the price goes beyond 1492, the next resistance level is holding at 1509.
Support: 1478 - 1466 - 1453
Resistance: 1492 - 1509 - 1524
USD/CAD: The USD/CAD pair extended losses and dropped to the daily support level of 1.3071. However, as long as the price stays above 1.3071 on a daily basis, the downward movement may be limited. At this point, we will see the daily resistance level at 1.3123. On the other hand, if the price drops below 1.3071, the next support level can be found at 1.3009.
Support: 1.3071 - 1.3009 - 1.2943
Resistance: 1.3123 - 1.3181 - 1.3233
BRENT OIL: The Brent Oil Price is now trading below the 59.25 major resistance level. As long as the price stays below 59.25 on a four hourly basis, the downward movement may continue and we will follow the daily support level at 57.61. In contrast, if the price goes beyond 59.25, the next resistance level will be at 60.54
Support: 57.61 - 56.47
Resistance: 59.25 - 60.54 - 61.69
The NAS100 futures: The Nasdaq 100 futures index moved up above the main support level of 7940. As long as the index stays above 7940 on a four hourly basis, the upward movement may continue and the daily resistance level can be found at 8024. On the downside, if the index drops below 7940, the next support level will be at 7800.
Support: 7940 - 7800 - 7701
Resistance: 8024