Canadian dollar continues to struggle

The Canadian dollar continues to struggle, as USD/CAD remains above the 1.32 level. USD/CAD touched 1.3275 on Tuesday, as the Canadian dollar slumped to its lowest level since March. The slide started after weak Canadian consumer indicators on Friday. Core Retail Sales was the biggest disappointment, as the market forecast of +0.5% was dashed by a weak reading of -0.1%. Core CPI remained stagnant at 0.0% for a third straight month, underscoring persistent low inflation levels. The BoC has stated its concerns about weak inflation, and these soft releases will add pressure on the bank to consider reducing interest rates at its October policy meeting. The Canadian dollar is sensitive to oil price movement, and with OPEC members holding an informal meeting on Wednesday in Algiers, we could see some volatility from crude which could affect the movement of USD/CAD.

OPEC is pumping more oil than ever before

OPEC’s second largest producer has thrown its weight behind an oil output freeze.
Iraqi oil minister Jabbar Al-Luiebi said his country is willing to freeze production — or even cut it — if a consensus emerges at a meeting of major oil producers that starts Wednesday in Algiers.
“If the freeze is going to have a positive impact on prices, then we agree with the freeze,” Al-Luiebi told CNNMoney on Tuesday. “I am optimistic.”
Yet it’s not clear that a deal, long sought by some OPEC producers, is within reach. Both Iran and Saudi Arabia have said that the meeting is merely “consultative.”
The idea is that an output cap will help put a floor under prices, which have risen from $26 per barrel in February to $45 but are still down more than 50% since 2014.
Critics say any freeze would be mostly symbolic — OPEC is pumping more oil than ever before, and freezing production at extremely high levels wouldn’t really help fix an oversupplied market.
Oil prices have bounced before on hopes of a freeze, only for them to be dashed when talks collapsed.

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USD/CAD posted considerable losses in the Asian session

•USD/CAD posted considerable losses in the Asian session and is flat in European trade
• 1.3120 is a weak line
•1.3253 is a strong resistance line
Further levels in both directions:
•Below: 1.3120, 1.3028 and 1.2922
•Above: 1.3253, 1.3371 and 1.3457
•Current range: 1.3120 to 1.3253
USD/CAD ratio is unchanged in the Monday session. Currently, short positions have a strong majority (68%), indicative of trader bias towards USD/CAD continuing to lose ground.
The Canadian dollar has posted gains to start off the week, erasing the losses which marked the Friday session. Early in the North American session, USD/CAD is trading at 1.3160. On the release front, the sole US event is the NAHB Housing Market Index. There are no Canadian releases on the schedule. On Tuesday, the US will release Building Permits, a key event.

USD/JPY Chart

Summary :
Target Level : 101.7775
Target Period : 2 days
Analysis :
Triangle identified at 19-Sep-01:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 101.7775 within the next 2 days.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 102.42Last resistance turning point of Triangle.
Support Levels
( A ) 101.7775Last support turning point of Triangle.

Chart date range : 09-Sep-07:00 GMT-> 19-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD Chart

Summary :
Target Level : 1.1204
Target Period : 2 days
Analysis :
Channel Up identified at 15-Sep-04:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.1204 within the next 2 days.
Resistance Levels :
( B ) 1.1274Last resistance turning point of Channel Up.
Support Levels
( A ) 1.1204Last support turning point of Channel Up.

Chart date range : 01-Sep-20:00 GMT-> 15-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles