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Ongoing U.S Debt-Ceiling Talks Limits the Gains in Indices & Gold

By Research Team Wednesday, May 17, 2023
USD/CAD

    • 10.08amd1
    • High1.34582
    • Low1.34622
    • Close1.34794

USD/CAD is trading at 1.34657, 0.02% down since previous day close. The mixed trading can be seen in CAD after Canada posted higher inflation rate which grew by 0.7% above expectation 0.5% while the Manufacturing Sales increased by 0.7% from -3.6% in the previous month. The focus will be on the result of Foreign Securities Purchases data which will be revealed today. On global front, the ongoing debt-ceiling negotiations amongst U.S top officials widely cushioned the USD & weigh down the other currencies. As seen in the chart, the pair is moving down till lower levels & is hovering near cluster support. Buying bias may be established in CAD against the USD on daily basis

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Daily Outlook

USD/CAD

Intra Day
Near Day

Technical Levels

R3 1.36340
R2 1.35478
R1 1.35127
Turnaround 1.34547
S1 1.34252
S2 1.33689
S3 1.32794
By Research Team Wednesday, May 17, 2023
US30

    • 10.25amd1
    • High33130
    • Low33084
    • Close33109

US30 is trading at 33109.3, 0.13% down since previous close. The slight selling pressure can be seen in US markets since last two session as tension looms over ongoing U.S debt ceiling talks amongst the top officials as the deadline till the month of June is coming to an end. Besides this, the fear of chances of aggressive rate hikes in the near future amid higher inflation rate & higher employment rate makes the indices slightly weaker. The U.S Retail Sales grew by just 0.4% lower than expectation 0.8% while the focus will be on the result of Housing data today. As seen in the chart, the US30 slid down till long term MA (200) which indicates the make-or-break situation further. Wait & watch strategy may be adopted for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33897.00000
R2 33536.00000
R1 33318.00000
Turnaround 33175.00000
S1 32957.00000
S2 32814.00000
S3 32453.00000
By Research Team Wednesday, May 17, 2023
WTI OIL

    • 10.42amd1
    • High71.05
    • Low70.37
    • Close70.72

WTI Oil is trading at $70.77, 0.12% down since previous day close. The flat to lower side trading can be seen in Oil prices amid global cues. On Tuesday, the U.S American Petroleum Institute (API) report showed a rise in Oil stocks level by 3.690 mbpd against the expected fall of           -1.36 mbpd. The rise in storage level of Oil dragged down the prices; however, the traders will be looking forward to the estimates of U.S Energy Information Administration (EIA) report which will be out today. Ongoing U.S debt-ceiling negotiation & weaker Chinese economic figures led slight selling pressure on Oil prices. As seen in the chart, the Oil is trading below MA (10) showing the chances of further selling pressure on daily basis.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 73.65000
R2 72.29000
R1 71.45000
Turnaround 70.93000
S1 70.09000
S2 69.57000
S3 68.21000
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