Daily market review – April 24th 2017

Optimism in the markets after the elections in France: the CAC jumps by 3%.
The first round of presidential elections in France ended yesterday in line with early predictions.
The center-left party candidate Emmanuel Makron and candidate of the right-wing National Front party rose to the second round in the May 7 elections.
The European stock exchanges react with gains in opening the trade and the French CAC index jumps by 3%.
The Asian stock exchanges are trading in a mixed trend with a tendency to rise.
In general, elections in France are not considered to have a significant impact on the markets, but this time they were perceived as a fateful event that could determine the continued existence of the EU.

Trading Opportunity

On the daily chart we can see that last week the pair once again came close to a resistance area. around the level of 1.3530.

usd.cad d 24.4.17
It was the fourth time since last November that this resistance kept the pair below it.

Our tendency is to sell, to do so we will go to a lower time frame.
On the one hour chart we marked an intra-day support line, around the level of 1.3450.

usd.cad 1h 24.4.17

If the pair will break and closed below this level we can try and enter with a PUT trade.


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