Daily market review – March 2nd 2017

 

BusinessMobility

Wall Street stock markets recorded yesterday the sharpest daily jump since the election victory of Donald Trump and the Dow Jones Industrial Average closed above the 21,000 points for the first time in its history, in view of expectations that the US economy is strong enough to withstand upload another of interest rate soon.

The Dow Jones Industrial Average jumped yesterday by 1.5% and broke for the first time the level of 21,000 points, only 24 trading days after he crossed the threshold of 20,000 points.

The optimism in the US since the beginning of the year was cooled slightly, because according to the “Beige Book” – the periodic report of the Federal Reserve on the state of the US economy published yesterday, the growth in all 12 districts of the Federal Reserve rate continued to be “modest to moderate” which characterized the American economy during most of the past eight years.

The US dollar continues to strengthen in the world after a senior Federal Reserve said on Tuesday that a new interest rate rise is expected soon.

Trading Opportunity:
USD/CAD

usd-cad-d-2-3-17

On a daily chart the pair is getting closer to a descending resistance diagonal line.
The resistance level is around 1.3400.
From there try to schedule entry for decline, and as long as the resistance level isn’t broke up.

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