Daily market review – May 9th 2017

Group of black oil barrels

Wall Street’s leading indexes closed yesterday almost unchanged, even though the Nasdaq and the S&P 500 posted new record highs during the trading day.
Apple added more than 3% and was up by 2.7%, and the company’s value surpassed the $ 800 billion mark for the first time.

The WTI oil rose yesterday by 0.5% to $ 46.4 a barrel, after losing 6% last week.
The brent rose at a similar rate and closed at $ 49.3 per barrel.
The reasons for the gains yesterday were Emanuel Makron’s victory in the French presidential election that calmed the markets, as well as comments from various oil producers that the agreement to cut output will be extended.

The Gold held steady at $ 1,226 an ounce.

At the end of the European markets yesterday:
The CAC responded to the results of the presidential election with a drop of 0.9%. The British FTSE closed unchanged and the German Dax lost 0.2%.

Trading Opportunity

On the daily chart the pair completed a double wave movement and was stopped at the level of 1.3750.

usd.cad d 9.5.17
In order the start selling, we are going into a lower time frame chart.

On the hour chart we can see that the pair broke below a trend line with a strong bearish engulfing candle (was closed at 1.3677)

usd.cad 1h 9.5.17
Along with the breaking, the average of the RSI crossed down below his 50 level.
For us it can be the signal to sell.


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