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Dukascopy Forex Overview: 23-01-2017 - Afternoon

Dukascopy Bank analytic desk report
Published: 23/01/2017 16:03
Dukascopy Technical Analysis

USD/CAD reverses its movement
"The BoC looks poised to retain the current policy for the foreseeable future as the central bank pledges to ‘assess the impact of ongoing developments, mindful of the significant uncertainties weighing on the outlook.
- David Song, Daily FX

The US Dollar declined by the middle of Monday’s trading session against the Canadian Dollar. During the move the pair managed to fall as low as the 1.3270 mark.
Dukascopy Fundamental Analysis
UK retail sales fall sharply last month on higher prices
British retail sales dropped markedly last month amid higher prices, linked to the weaker Sterling. The Office for National Statistics reported retail sales dropped 1.9% in December, worse than an expected 0.1% fall. That was the largest decline since April 2012. Meanwhile, the November gain of 0.2% was revised down to –0.1%. December’s weak retail sales most probably dampened economic growth in the last quarter of 2016. 
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Trade Pattern Idea
AUD/USD 4H Chart: Channel Up
The Aussie continues its surge against the Greenback in accordance with an ascending channel pattern.>>

EUR/CAD 1D Chart: Falling Wedge
A channel turned wedge just broke to the downside in EUR/CAD and appears to now be attempting a retracement of the broken level around 1.3924. >>
Expert Commentary
"We think that the current range is what we are going to see through the first quarter."
- Peter Frank, Global Head of G10 FX Strategy at BBVA, on performance of EUR during Q1 of 2017
However, around March, supposedly, the Euro could dip a little bit closer to the parity level. At this point, we are looking at a fairly narrow range of 1.02-1.07 during the Q1. >>
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Press Review
CNBC
Ed Lazear: Where tax cuts are made matters
Edward Lazear, Hoover Institution, talks about the impact of cutting taxes and why the thinks the most important tax cuts are on capital.
Dukascopy Bank Sentiment Index
June Release
The positive momentum in the Asia-Pacific region seems to have continued in June even despite soft global demand and signs that the Chinese investment-led recovery is coming to an end, as both short and long run sentiment indices soared in the measured month.
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Economic Research

Forecasting Models for Exchange Rate
The science of prognostics has been going through a rapid and fruitful development in the past decades, with various forecasting methods, procedures and approaches flooding the economic world. It is estimated that there are more than 100 prediction methods, and sometimes the diversity makes it difficult to choose the one that would do the trick.
Dukascopy Aggregate Technical Indicator
Dukascopy Bank presents a new research product - the aggregate technical indicator. The new tool will indicate the strongest signals on major currency pairs. Dukascopy Aggregate Technical Indicator for 30 min and 1H time frame charts for major pairs for the last 144 periods till 15:30 GMT.
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Disclaimer:
This overview can be used only for informational purposes. Dukascopy Bank SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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