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USD/CAD extends gainsThe US Dollar has continued to gain even more ground against the Canadian Dollar. The reason for the surge is double sided. Namely, the Greenback is surging due to political reasons in the news. Meanwhile, the Canadian macroeconomic data has revealed that the Canadian economy is doing a lot better than thought before. In addition, Bank of Canada has revealed its dovishness. That is set to make the Canadian Dollar weaker. However, one can’t use technical charting properly during a time when the fundamentals are largely being introduced and dynamically change the situation. Although, Dukascopy Analysts doubt that this aspect will discourage retail traders.
Long
by UnknownUnicorn890690
USD/CAD reveals medium patternThe previously expected decline in a narrow ranged pattern down to the 1.25 mark did not occur. The reason for that is the existence of a medium term descending pattern, which revealed itself during the last 24 hours. The pattern drawn on Tuesday actually represented a move downwards in the borders of the medium term channel. By the middle of Wednesday’s trading the USD/CAD was squeezed in between the support of the 55 and 100-hour SMAs and the medium scale pattern’s resistance line. This was due to the markets expecting the announcement of the Bank of Canada’s interest rate, which has been seen to cause swings in the range from 60 to 200 base points.
by UnknownUnicorn890690
CAN/USD is Showing Bear Signs 200% + ROIHello, Trading View, Here is a good trade. Sense it just broke the resistance line. I would open the trade short. And target the next resistance line. You can consolidate it all the way down if you don't want to swing trade. Thanks, StopLoss123 Buy-in: 0.7726 Target 1: 0.7647 Target 2: 0.7580 Target 3: 0.7520 Target 4: 0.7456 Target 5: 0.7400 Stop-loss: 0.7830 Start where you are. Use what you can. Do what you can. - Arthur Ashe Facebook Group: www.facebook.com Web: lucky024.wixsite.com Twitter: twitter.com ZuluTrade: www.zulutrade.com
Short
by StopLoss123
USDCAD Daily reviewThe US Dollar continued to be volatile against major currency. The currency is fluctuating based on the fundamental event happening in Davos. Technical indicator is trying relatively high to stop the movement of the currency. By the middle Friday’s trading session, there was a spike in the USD/CAD pair because of US president speech in Davos. The combination of the 55—hour, 100—hour and 200—hour SMAs is proving resistance near the 1.2386 mark. Regarding the short- term future, its is likely the fundamental events will drives the currency to be more volatile and is advice to stand aside and watch the movement.
Short
by UnknownUnicorn890690
USD/CAD daily reviewsThe US Dollar stopped its depreciation against the Canadian Dollar on Monday. The reason for the stop of the surge and a resulted short term surge was the encountering of a combined support level at the 1.24 mark. Namely, the currency exchange rate found support in the lower trend line of the drawn junior channel down pattern and the first weekly support at the already mentioned 1.24 level. Due to that reason it is expected that the pair might surge until it meets the upper trend line of the channel down pattern. Afterwards the pair should continue the decline. Or the rebound might not even continue.
Short
by UnknownUnicorn890690
USD/CAD breaks out to the downsideThe USD/CAD forecast was precise. The pair broke out of the developed triangle down pattern to the downside. Moreover, the breakout has revealed additional patterns. There are two newly mapped channel down patterns on the chart. One is a representation of the second one’s junior movement. By using these two patterns one can make future forecasts. In the short term the pair should slightly surge to touch the upper trend line of the junior pattern. There it will have two possibilities. Either break the resistance or decline to reconfirm the lower trend line the dominant pattern.
by UnknownUnicorn890690
GBP/CAD 4H Chart: Reveals another patternThe GBP/CAD pair was last reviewed at the start of December, when it rebounded against the lower trend line of a long term support line. It has to be noted that this trend line is a rather unusual one, but has proven itself throughout the second half of 2017. That resulted in a rebound and an eventual breaking of the at the time active channel down pattern, which at the time was in the center of attention. However, the pair did not form a medium term channel up pattern, as it could have been expected. Instead the pair has revealed a different and broader channel down pattern, which is set to keep challenging the support line.
Long
by UnknownUnicorn890690
EUR/CAD 4H Chart: Meets strong resistanceThe common European currency is hard to chart against the Canadian Dollar. However, due to the high demand for the pair on the Swiss Foreign Exchange, the Dukascopy Analytics team is doing one of the rare reviews of the pair. In general the currency exchange rate is beginning a large scale decline due to bouncing off the resistance of a massive dominant channel up pattern. The decline has not been charted. However, our analysts have drawn a speculative channel down pattern. In regards to the short term, the pair recently hit a strong resistance cluster at the 1.4950 mark, which has forced a retreat.
by UnknownUnicorn890690
EUR/CAD 4H Chart: Meets Medium ResistanceThe common European currency has recently reached the resistance of a rather large scale descending channel pattern against the Canadian Dollar. This resistance has been holding its ground for three times during the last weeks. The reasons for the various attempts of the Euro to break through can be found in the various support levels below the currency exchange rate. For example the 55 and 100–period simple moving averages together with the lower trend line of a rising wedge pattern have caused short term rebounds. In regards to the future, the situation is almost going to remain unchanged, as the rate gets squeezed into a short term triangle pattern between the medium term channel’s resistance and various support levels. Afterwards, a breakout to the downside should occur.
Short
by UnknownUnicorn890690
CAD/JPY 1D Chart: Fibonacci and ChannelThe Canadian Dollar by large is doing a long term rebound against the Japanese Yen, as the rate has formed a long term ascending channel pattern. However, there are some details that need to be taken into account, if one wants to speculated on this pairs movements. First of all the rate seems to be highly influenced by the Fibonacci retracement levels, which can be observed on the chart. Secondly, the retracement levels only mark the approximate location of a zone, where the rate might change direction. Third and last in the short term the weekly pivot points seem to be playing a large role, as the SMAs are far below the exchange rate.
Long
by UnknownUnicorn890690
EUR/CAD at significant crossroadsThe common European currency continues to lose value against the Canadian Dollar, and the rate is set to continue to decline in the future. However, the pair is set to find loads of support in the short term. There are two base scenarios. First the pair might find support in one of the various support levels form 1.4470 to 1.4550 levels. Afterwards it could surge, break the junior descending channel and reveal a more dominant medium term pattern. The second scenario would consist of the already drawn junior channel down pattern holding its ground and breaking through the various support levels until the rate reaches below the 1.44 mark.
Short
by UnknownUnicorn890690
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