USD/CAD Signal - USD Retail Sales - 17 Aug 2021USDCAD is trending to the upside prior to the USD Retail Sales data, which measures the total receipts for retail stores domestically. Technically the pair has broken a key pivot to the upside, and we anticipate upside into the next key resistance at 1.2675.
Loonie
USD/CAD Signal - USD Producer Price Index -12 Aug 2021USDCAD has traded into support prior to the USD Producer Price Index Data, which measures the average changes in prices in primary markets of the US by producers of commodities in all states of processing. Technically the pair is bouncing from support and we anticipate intraday upside into the .2525 level.
USDCAD Formationthe pair is trading in a clear channel range as you can see the upper trendline was the end of big wave 4.
if the counting is correct we will be expecting a wave 5 to finish this Cycle near 1/15-1.1600 area.
our stop loss will be above the previous top. the risk to reward ratio is awesome for this trade however it might be a medium-long term investment.
good luck!!!
USD/CAD Signal - CAD Markit Manufacturing PMI - 3 Aug 2021USDCAD is trending to the downside prior to the CAD Markit Manufacturing PMI, which is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 industrial companies. Technically the pair is bouncing out of trendline resistance, and looks set to continue downside.
Upward Trend Channel in NZDCAD, Targeting 0.895 Upper BoundTrend Analysis
The main view of this trade idea is on the 2-Hour chart. The Forex Cross NZDCAD is in an upward trend channel, and is forming a higher low around the 0.875 price level. Expectations are for a continuation of this trend channel in the medium term, with a higher high being made around the 0.895 price level, 1.81% away from current levels.
Technical Indicators
The technical indicators being used need to confirm the expected positive price movement in NZDCAD. At the time of publishing, NZDCAD is approaching a positive crossover on its short (25-SMA), medium (75-SMA) and fractal moving averages. Also, secondary positive confirmations in KST and RSI is being monitored, that is, a positive crossover in KST as well as the RSI crossing above 50. The occurrence of these positive crossovers will aid in the bullish thesis of NZDCAD.
Recommendation
The recommendation will be to go long at market. At the time of publishing NZDCAD is trading around 0.879. The medium-term target price is observed around the 0.895 price level, the top of the upward trend channel. A stop loss is set at 0.874. This produces a risk reward ratio of 2.31.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in NZDCAD.
USD/CAD heading for 1.2600...The Loonie’s luck continues to ride on or rest with the fortunes of oil in the main, and another and more pronounced fallout in WTI and Brent has pushed it back down to the bottom of the G10 pile as USD/CAD rebounds circa one big figure from the low 1.2400 area irrespective of upbeat Canadian Ivey PMIs. Further bullish moves anticipated into new high territory.
USD/CAD Signal - USD FOMC Minutes - 7 Jul 2021USDCAD has bounced out off resistance prior to the FOMC Minutes, which reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. Technically the pair has bounced out of resistance forming a double top, and the RSI has given a sell signal. We anticipate downside into the 1.2395 level.
The dollar was choppy today...The dollar was choppy today and started the day lower but remains sub 92.00, whilst holding above the 91.60 support level in wake of a weak initial jobless claims print yet again this week at 411k, a similar pace to last week. CAD was a underperformer despite a partial recovery in Canadian manufacturing sales and failed to benefit from a later recovery bid in oil prices, with USD/CAD rising a fair bit into the 4pm BST London fix.
For now, further upside to be expected on USD/CAD heading into tomorrows session.
USDCAD - STUCK IN A RANGECould even play the range here..I think USDCAD has been one of the biggest movers this year most thanks to Oil's brilliant recovery as Canada aren't doing fantastic with Covid.
Now it's reached 1.20, I think most are out of sells and just on the side and volume suggests that.
Could see this go sideways for a while now.
USDCAD - Trade idea! It's a tricky currency Loonie. (USDCAD)
Technical aspects: For now we are range bound and we must respect that.
Pattern: Triangle formation, a break to either direction for further confirmation.
Support: 1.20080 - 1.19005
Resistance: 1.21080 - 1.22000
Trade Journal
(Just a trade idea, not a recommendation)
USD/CAD nearing the 1.2000!Loonie hand back gains vs their US counterpart following firm rebounds yesterday. UUSD/CAD is hovering below 1.2050 in advance of Canadian retail sales.
The Buck remains fundamentally, technically and even psychologically weak as the DXY languishes below 90.000, but the index is trying to resist another bout of selling pressure that could yet culminate in further depreciation given bearish external factors.
For USD/CAD we could see some serious downside moves heading into next week. 1.2000 is a massive level and if broken we could see drops even down to the 1.1500.
USDCAD - Is it time to finally buy?USDCAD - Is it time to finally buy?
USDCAD - In my year ahead outlook these were the levels I was talking about the 1.20 areas!! We have finally got to those areas longer term at a key 1.618 area but now it's looking a little over extended the bears. Where does this leave us? This could be a great opportunity for a trade up towards key resistance zones! Whilst trading CAD, keep an eye on WTI (CL)
Technically:
Pattern: Channel
Resistance: 50 EMA - 1.21895 areas
Support: 1.20785 - 1.20780
If we go above 50 EMA Close above out of the channel down - Bulls will come into control to the next resistance areas (Drawn in red) that could be potential take profit areas!
Key tip: It's important to implement your own trade plan for further confluence.
Trade Journal
(Just a trade idea, not a recommendation)
CAD - FUNDAMENTAL DRIVERSFUNDAMENTAL BIAS: STRONG BULLISH
1. The Monetary Policy outlook for the BOC
At the April meeting the BOC confirmed market’s speculation that they will start tapering their QE program, and followed through with a CAD1bln reduction per week. The bank also took a hawkish tilt by bringing forward their interest rate hike expectations to 2022 from 2023. The BOC is the first major central bank to step away from the ultra-easy policy put in place due to the pandemic. As long as the virus situation does not deteriorate meaningfully the bank is set to continue normalizing policy and potential hike rates in 2022.
2. Commodity-linked currency with dependency on Oil exports
Oil staged an unprecedented recovery after hitting rock bottom in 2020. The move higher has been partly driven by (1) supply & demand (OPEC’s production cuts); (2) improving global economic outlook (vaccine roll out and monetary and fiscal stimulus induced recoveries); (3) rising inflation expectations (reflation). Even though further gains will be an uphill battle after the push higher, the bias remains positive in the med-term as long as the supportive factors and drivers remains intact and should be supportive for the CAD in the med-term.
3. Developments surrounding the global risk outlook
As a high-beta currency, CAD has benefited from the market's improving risk outlook over recent months as participants moved out of safe-havens and into riskier, higher-yielding assets. Also, as a pro-cyclical currency, the CAD enjoyed upside alongside other cyclical assets after moving into an early post-recession recovery phase with expectations of global synchronized recovery. Even though the risks remain surrounding the virus and thus global economic outlook, the success of the global vaccination roll out should prove supportive for the CAD.
USD/CAD – Week 18 – Indecision territory.In our previous analysis, we correctly forecasted that USDCAD will break the low again.
For this week the price may continue to fall, but at some point, we expect the US Dollar to gain some momentum against his Canadian fellow and start a bullish move. A nice confirmation for the bullish move will be a break of the resistance area that we highlighted, followed by a small correction.
Friday will be a busy day for both currencies as the investors wait for the US NFP & Unemployment rate data, as well as the Canadian Unemployment rate. This could impact the pair massively and act as a trigger for the bullish move that we anticipate to happen.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.