Daily Trading Analysis 29.05.2020

Technical & Fundamental analysis

Trading Analysis USD/CAD The Canadian GDP for March is predicted to decrease by 9.0% monthly and by 10.0% annualized. Forex traders can compare this to the Canadian GDP for February, which was reported flat at 0.0% monthly, and which increased by 0.3% annualized. The Canadian Industrial Product Price Index for April is predicted to decrease by 1.7% monthly, and the Canadian Raw Materials Price Index is predicted to decrease by 13.6% monthly. Forex traders can compare this to the Canadian Industrial Product Price Index for March, which decreased by 0.9% monthly and to the Canadian Raw Materials Price Index, which decreased by 15.6% monthly. Our Analysis: Should price action for the USD/CAD remain inside the or breakdown below the 1.3730 to 1.3820 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3780 Take Profit Zone: 1.3315– 1.3395 Stop Loss Level: 1.3865 Alternative scenario: Should price action for the USD/CAD breakout above 1.3820 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3865 Take Profit Zone: 1.3920 – 1.3960 Stop Loss Level: 1.3780 Learn More Trading Analysis of GOLD/USD The price of gold rose on Thursday as the deterioration in U.S.- Chinese relations due to Beijing's decision to introduce a national security law in Hong Kong increased doubts about a rapid economic recovery.  Our Analysis: Provided that the price is above 1711.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1720.39 Take Profit 1: 1728.00 Take Profit 2: 1735.00 Alternative scenario: In case of breakdown of the level 1711.00 and the consolidation of the price above this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1711.00 Take Profit 1: 1705.00 Take Profit 2: 1700.00 Learn More Trading Analysis of USD/CAD The pressure factor for the pair was the retreat of the US dollar. Previously, the U.S. published some predictably weak reports: on GDP, orders for durable goods, initial jobless claims. Now the US dollar index is trading at 98.78, down 0.17%. Canada published 1Q current account data, which reflected the deficit growth to 411.1bn. Our Analysis: Provided that the currency pair is traded above 1.3740, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3770 Take Profit 1: 1.3795 Take Profit 2: 1.3825 Alternative scenario: In case of breakdown of the level 1.3740, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3740 Take Profit 1: 1.3720 Take Profit 2: 1.3700 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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