Get started

Forex-usdcad

USD/CAD Returns To Consolidation – Chance For Short?Breaking the upper limit of consolidation occurred already in April. Price after reflection from the top came under 61.8% of the abolition (1.37910) and rebounded to the south. Friday’s strong depreciation of USD/CAD brought price again to horizontal channel, simultaneously breaking Fibonacci 50% and March 1.3530: The above-mentioned levels will play a key role in successive sessions, and with high probability will help us to decide to open a short position, aiming at lower limit of consolidation, which is almost 500 pips lower than the current price. Chart D1 at this point forms a bar pin under resistance – if session closes in that form, we will receive a signal to enter short. Find more at Comparic.com .
Short
by Comparic
USDCAD: Bearish pinbar formation Technical analysis: USD/CAD is expected to trade with bearish bias next week. Bearish pinbar formed as double top from the 20.1.2017 Trend line from January last year holding as resistance, we have already resistance trend line from the 25.5.2016 Zoomed chart (H4) showing broken trend line with H4 bearish outside bar. If we zoomed a little bit more (H1) there is a strong hidden MACD (Moving Average Convergence Divergence) divergence, H1 trend line is already broken with bearish pinbar. Looking for bearish opportunity from the RN (round number) 1.34000 left eye of D1 pinbar & retest of H4 / H1 broken trend line with a stops some pips above D1 pinbar 1.3445 (45 pips). First potential target area is 0.50% fibonacci retracement from the swing low 1.29673 and already demand zone 1.32000 (200 pips). Reward to risk is calculated as 4.4:1.0 Fundamental analysis: Be careful this week expected a lot of volatile on the market -Wednesday,Mar 08 Housing Starts s.a (YoY)(Feb) 14:15 GMT+1 -Thursday,Mar 09 New Housing Price Index (YoY)(Jan) 14:30 GMT+1 -Thursday,Mar 09 New Housing Price Index (MoM))Jan) 14:30 GMT+1 The most important -Friday,Mar 10 Nonfarm Payrolls 14:30 GMT+1 (Forecast 190K jobs) Last month United States employed much more people then expected, forecast was 175K jobs but acual was 227K jobs. This month we expected 172K jobs, forecast for this month is 190K. Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Performed by analytical expert: Urban Stamcar
Short
by SvetInvesticij
USD/CAD viewGood evening traders, Energy traders would have noticed the somewhat eery price action on oil prices recently. I believe that recently losses are attributed to: - Emerging doubts over the degree of compliance with OPEC production cuts as Iraqi exports remain high; - Concerns about the rate of market rebalancing; - Rapid rebound in U.S. shale production following a report at the end of last week which showed another solid build in US rig count (risen for the tenth consecutive week) - I expressed my concerns about this in the related USD/NOK idea. Reports that non-OPEC producers Russia and Kazakhstan had reduced output produced little positive price reaction. In essence, there is a battle between two major market dynamics: OPEC cutting (and adhering to cuts) and addition of supply by US shale producers. One thing is for certain though: currently /cl price action does not look promising. USD/CAD is the best way to play near term oil downside in my opinion. USDCAD view USDCAD has been moving in the visible channel since May 2016 and is currently sitting on the lower trend line. CAD looks very expensive currently; the US-Canada 2YR swap spread suggests that USDCAD should be trading much higher indeed. Markets have been ignoring the risk of US protectionism for CAD; although CAD isn't as exposed to the risk as some other currencies (AUD, for example), the BoC's business outlook survey showed that some respondents are concerned about the uncertainty associated w/ rising protectionism and I do not think that the risk should be discounted so much, since a potential shift from selective tariffs to broad border tax could be significant for US-Canada trade. Risk:reward, technicals and fundamentals all favour buying the dip on USDCAD, targeting 1.37000. Good luck!
Long
by jamiegleave
1
Short article on USDCADUSDCAD, 1 Hour. Elliott Wave - suggests corrective waves (we're basically at the end of the B leg at the time I'm writing this), it might form an advanced pattern to go short. But nothing is complete yet, I'll update this topic when I see changes in the market. News - RBC (Royal Bank of Canada) as well as other banks changed their mortgage rate (they actually increased it) and investors might not like this, causing a small devaluation of the canadian dollar. According to these news, the pair would do a upward move. USDollar - We can also see that the US DOLLAR INDEX (DXY) is going up and almost touched a 14-year old high today (November 16th). So theorically, the value of the USD is increasing, and the value of the CAD is decreasing a little bit. I might go for a short-term LONG position, from B to a little bit higher than A, than take profit (SL just below 5). But to be honest, with the USD going up and CAD going down, I think the currency rate won't be so good for Canadians. (USD/CAD going up on a long-term).
by bbatrading