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Loonie

USDCAD remained heavy USDCAD has remained heavy after posting a 24-day low at 1.3191 yesterday, which extended the correction from the two-and-a-half month high that was printed on Tuesday at 1.3382. The recouperation in risk appetite in global markets, with the U.S. and China headed back to the negotiating table, has been a positive for the Canadian Dollar, and other commodity currencies. Oil prices are up over 2% from week-ago levels (WTI futures). Resistance comes in at 1.3270-73. The dual releases of U.S. and Canadian employment reports will naturally bring directional risk to USD-CAD. The August U.S. payrolls is expected to show resilience in the labour market, anticipating a a 165k August headline rise that about matches the 164k July increase, with the jobless rate ticking down to 3.6% from 3.7%, alongside gains of 0.3% for both hours-worked and hourly earnings. The Canadian employment report has us expecting a 30k gain in August after the 24.2k drop in July, with the jobless rate holding steady at 5.7%. As-expected data shouldn't have much bearing on USD-CAD. Disclaimer : This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Short
by HotForex
USDCAD Likely To Test 1.3000 Amid Stubborn BOC and Risk ON Mood!The main chart shows the WEEKLY TF of USDCAD pair. There was a neat ascending channel that was violated a few months ago and the price went to test around 1.30200 level. Since then the price has been steadily rising until it HIT 1.33600 level. This created a short term ascending channel which was clearly violated a couple of days back and now the price is likely to target 1.3000 level. The above chart shows the DAILY TF of USDCAD, which shows the channel has been violated and its potential target! The main chart shows the price has been confined in a triangle and the price is likely to target the lower end of the trendline which lies at around 1.3000 level. To support this technical aspects, the fundamental aspects also align neatly together. First of all the Bank of CANADA left the interest unchanged and continue their wait and see approach rather than just easing like the other central banks. This is bullish for the LOONIE, however i feel the price will hit 1.3000 level after which the bank will start to be dovish and the price will likely bounce and test the 1.34000 level in the future. To add to this, the demand for OIL at the moment is adequate as the talks of trade deal continue. Since OIL is the major driver behind this CAD pair, if the talks continue to progress well we could see LOONIE get stronger. I am already short on USDCAD since 3 months ago when the main weekly channel broke, however the price only HIT 1.30200 level before reversing. My take profit at the moment is 1.3000 with SL at 1.34000. Should you wish to enter you can do so if and only if the RR is 1 or greater than 1. Cheers
Short
by FX618Analysis
EURCAD - Sell Small Position at Market after BOC!Despite the rally in risk assets, the negatives that sent the EUR lower have not changed. The economic gloom in Europe remains and, despite the north-south divide on the ECB board, many still expect policy easing, if not in September than before year-end as Christine Lagarde ascends to the presidency. Thus EUR/CAD is likely to continue to trend lower. Larger option expiries above current spot should help to cap too. At the same time, the Bank of Canada came out with a less dovish statement yesterday, which should boost the Loonie in the near-term. Sell a small position at market as we are breaking through the previous support zones from August.
Short
by Sam_Eder
EURCAD Weekly Trendline Violated! Price Likely To Target 1.43500Have a look at the main weekly TF for EURCAD. The horizontal lines represents support and resistance levels taken from the monthly TF. The July's monthly candle closed below 1.47000 support and additionally the August's Candle formed a strong doji rejecting and closing below the 1.47000 support. This is a strong indication that the price would likely gather pace towards the next support present at 1.43500. Furthermore, the Longterm trendline on weekly and monthly charts was violated, Further suggesting a decline is on the cards! The chart above is Monthly TF charts of EURCAD indicating the LONG-TERM Trendline violation and monthly candle breaching and closing below the support. Fundamentally the EUR is bound for further incoming weakness as the ECB is struggling to hit their inflation target and the new incoming president has already suggested the rates could further go into negative territory in order to support the growth. I am already SHORTING the EURCHF, which has slight correlation to this pair and furthermore i am already SHORT on the USDCAD. Due to these factors and i am not willing to take this trade because it would increase my risk exposure and violate rules of trading. For those of you who would like to take this pair SHORT, you could do this at your own risk with the target of 1.43500 and RR of 1:1. This trade in my view is a high probability trade with many confluence factors in favor of us. cheers
Short
by FX618Analysis
CAD in rally on Canada's CPI grow By Andria Pichidi - August 21, 2019 USD-CAD fell to 1.3250 from near 1.3300, matching Monday's low, following the warmer Canada CPI figures. The pairing had been on the decline from the 1.3315 level seen in London morning trade, taking its cue from WTI crude, which rallied to seven-session highs of $56.94 from post-close lows of $55.91. Between firm oil and risk-on conditions, USD-CAD should remain under pressure for the time being. Support is at the 20-day moving average of 1.3236 now. Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Short
by HotForex
USD/CAD ASCENDING BREAKOUT!Price Action (Technical Analysis): We see Sellers are beginning to gain confidence as price was rejected when entering our Resistance Zone. It is common to see Price Copy its Previous Pattern, we seen price attempt in the same pattern to break our Weekly Resistance and instead brought back down, Buyers are attempting to break above one more time but from what I see, price broke out of the Weekly Bullish Trend and i'm anticipating price to pull back before continuing short. Fundamental Analysis: Buyers and Sellers are very attracted to this Currency Pair especially after the recent week we just had with Major News all week. US Border Talks are causing a High Volatile Market with Investors high interests in Commodities + Safe Havens also due to the stirred pot of news last week that brought a lot of uncertainty.
Short
by RiosTrades
USD Strength to come? Ichimoku USD/CAD Long Trade SetupThis pair has been holding it's bullish run, despite it being a bit slow to the upside. At the end of last week broke below tenken sen support so my eyes are now shifting to watch the price interaction at kijun sen. I am watching for a good support candle to form at or near kijun for a chance to get back long, aiming overall for previous price structure highs. I've drawn out some partial take profit levels along the way. If we fail to hold support at or near kijun sen, this setup may become invalidated.
Long
by The808Trader
GBP/CAD sets up >1000 Pip Play! *Yellow MA = 200 EMA | Blue MA = 100 EMA In this video, I go over the approaching support level for OANDA:GBPCAD and the potential play to the top of the consolidation box set after the reversal we see from January 2016 - October 2016. A play from the support to resistance is well over 1000 pips and has two different opportunities: 1. We bounce off of more recent support 2. We bounce off of all-time low I'm looking for both options to play to the top of the box and move price action within that same range again. This support is extremely strong and could lead to a very profitable play, especially since the RSI shows us the pair is oversold with bullish divergence, characteristics of previous plays in this zone. The resistance I outline is from old support and fib levels, but both this resistance and fib levels have been broken on previous bounces off the same support. Good luck traders!
Long
by olympus_trading
3
NZDCAD Counter trend trade 5:1Possible buy on the NZD CAD We have sideways price action, followed by a burst to the upside AND a large wick rejection on the bottom, this implies to me there were alot of buying positions accumulated in that sideways motion, The most amount of volume occured at .8675 which is where I will be looking to buy at. We may not get a spike up to our take profit, I will be monitoring for early signs to close out since we are in a downtrend. Be one step at a time, we need to so how it reacts at the entry first. 13 pip stop, might be a little to tight.
Long
by elevatedinvestor
Loonie Crosses and BoCBy Andria Pichidi - July 10, 2019 Bank of Canada’s announcement is expected to result in no change in rates and a repeat of the data-driven mantra. Given that recent data has been consistent with their ongoing view that the economy is on the mend from the Q4/Q1 weakness, the takeaway should be for continued steady policy through year end. For example, the latest data was yesterday with Canada’s housing starts and permits showing a well-supported market through mid-year. Housing starts surged 24.8% to 245.7k in June after falling to 196.8k in May from 230.7k in April. The “trend” in housing starts (6-month moving average) improved to 205.8k in June from 200.5k in May. Meanwhile, the separate permit value measure plunged 13.0% in May after jumping 16.0% in April. The BoC also releases the Monetary Policy Report alongside the announcement, followed by Governor Poloz’s usual Q&A with the press. While the Fed and ECB have leaned dovishly recently, spurring market hopes for more easing, we do not expect the BoC to join the club. Recent economic data has come in close to the BoC’s expectations, tracking an improving economy. Trade uncertainty remains a hefty source of downside risk, but it is also a potential upside risk too (if/when the US and China finally reach an agreement). The currently accommodative policy setting is providing ample stimulus to an economy that is well into the recovery phase. Economic data is housing related this week. Currency Market USDCAD rallied to 1.3140 yesterday, up from last week’s lows of 1.3036. The move came on general USD strength, which has been maintained since last Friday’s US jobs report, and on the lack of Oil price follow through gains. In June the USDCAD has dropped by nearly 530 pips, however in the long-term picture is following an upwards path, since August 2017 from 1.2060 lows. Despite June’s underperformance, the latest weekly doji candle along with the bounce this week above 200-week SMA, spread some hopes for a potential recovery of the pair. However, this scenario hasn’t been confirmed yet. A reversal to the upside could be suggested only if a morning star pattern is formed along with a move above 50-day SMA at 1.3240. Support holds at the bottom of the weekly channel and the June’s low at 1.3036. Intraday, Resistance holds at 1.3045-1.3060 (9-day high and 23.6% Fib. since May 31). Support is set at 1.3100. The daily technical indicators are weak, as RSI and MACD have been configuring below neutral, however, they present slight strengthening of positive bias as RSI is at 40 from 31 low and MACD lines are above signal line. USDCAD weekly and Daily AUDCAD, on the other hand, broke the 8 years’ Support at the 0.9100 level, as bears look to be in full control this year. Currently it extends its Bollinger Bands further to the downside in the medium and long term charts, below 20- , 50- and 200-month SMA. Meanwhile, technical indicators have been negatively configured, as negative bias seems to get stronger and stronger. All the above suggest that the pair has a lot of downwards path to cover, while the break of the 0.9100 level opened the doors towards 2010 lows. AUDCAD Monthly and Weekly CADCHF has continued moving lower for a second consecutive day after the peak seen at 0.7611 on Monday. The move came in general on the anticipation of BoC statement. Overall, the CADCHF’s lookout remains positive with RSI sloping above 50 the past 2 weeks, while MACD spiked well above signal line within the positive territory. This suggests further positive bias in the medium term. In the near term meanwhile, the 2 days’ weakness looks to be a correction on the sharp rally seen since June 25, as the asset holds well above 20-, 50- and 200-day SMA but also the midpoint (50% Fib level) of the 2-weeks’ incline. Support holds at 0.7535-0.7545 intraday and Resistance is set at 0.7572. CADCHF Daily Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Short
by HotForex
1