Daily market review – April 4th 2017



Wall Street trading ended yesterday in price declines on the back of weak car maker shares.
The Dow Jones was unchanged at 20,650 points, the S&P 500 fell by 0.1% and the Nasdaq fell by 0.2%.

The trading in Asian stock exchanges is with a mixed trend, amid growing uncertainty about US trade relations with China and Japan under the Trump presidency.
Tokyo fell by 0.9%, Hong Kong rose by 0.6%, Shanghai climbed by 0.4%, Seoul fell by 0.2% After exports exceeded expectations in January.

The trading on the European stock exchanges is proceeding with slight gains, after yesterday’s indices closed down by 0.5%.
London is up 0.3%, Paris and Frankfurt are up 0.1%.

The Japanese yen is up by 0.3% against the US dollar to 110.4 yen per dollar.
The Euro is down 0.1% against the US dollar to $ 1.06 per euro.

Trading Opportunity


Yesterday on 4 hours chart the USDCAD pair broke above a resistance diagonal line.

usd.cad 4h 4.4.16
On an hour chart, after we stretched the Fibonacci Extensions,  the pair have reached the Fibonacci level of 61.8. at 1.3440.

usd.cad 1h 4.4.417
The RSI is at an over-bought area, and a bearish divergence is developing the the MACD histogram.
Our tendency is to look for a bearish pattern to be created and then to enter with a put trade.


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