Daily Trading Analysis 31.07.2020

Technical & Fundamental analysis

Trading Analysis of USD/CAD The Senate passed a law extending the federal government's emergency wage subsidy to employers severely affected by the COVID-19 pandemic. The package was handed over by the House of Commons last week. It also includes lump-sum payments to people with disabilities, who have had to face higher costs.  Our Analysis: Provided that the currency pair is traded below 1.3450, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.3420 Take Profit 1: 1.3405 Take Profit 2: 1.3380 Alternative scenario: In case of breakout of the level 1.3450, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1.3450 Take Profit 1: 1.3475 Take Profit 2: 1.3495 Learn More Trading Analysis of GOLD/USD The global demand for gold in April-June 2020 reduced by 11% (year to year), to 1.016 thousand tons, the World Gold Council (WGC) has calculated. With this in mind, at the end of the half-year, the demand decreased by 6% and amounted to 2.076 thousand tons. The main factor affecting the gold market in the 2nd quarter was the COVID-19 pandemic, explains WGC. Against this background, consumer demand fell sharply. On the other hand, it also supported investment demand. Our Analysis: Provided that the price is above 1954.00, please follow these recommendations: Time frame: 30 min Recommendation: long position Entry point: 1967.02 Take Profit 1: 1981.00 Take Profit 2: 1990.00 Alternative scenario: In case of breakdown of the level 1954.00 and the consolidation of the price below this level, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1954.00 Take Profit 1: 1946.00 Take Profit 2: 1938.50 Learn More Fundamental Trading Analysis of USD/CAD US Personal Income for June is predicted to decrease by 0.5% monthly, and Personal Spending to increase by 5.5% monthly. Forex traders can compare this to Personal Income for May, which decreased by 4.2% monthly, and to Personal Spending, which increased by 8.0% monthly. The PCE Core Deflator for June is predicted to increase by 0.2% monthly, and by 1.0% annualized. Forex traders can compare this to the PCE Core Deflator for May, which increased by 0.1% monthly and by 1.0% annualized. Our Analysis: Should price action for the USD/CAD remain inside the or breakdown below the 1.3385 to 1.3460 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.3425 Take Profit Zone: 1.3150 – 1.3225 Stop Loss Level: 1.3525 Alternative scenario: Should price action for the USD/CAD breakout above 1.3460 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.3525 Take Profit Zone: 1.3645 – 1.3680 Stop Loss Level: 1.3460 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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