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Usdcadsell

USDCADThe USD/CAD is trading below the important 1.25000 juncture this morning. After rapidly declining below the level before going into the weekend and hitting a low of nearly 1.24500 on Friday, the USD/CAD opened trading yesterday and continued to assault its lower depths and hit a mark of approximately 1.24440. As of this writing, the USD/CAD is near the 1.24800 level, after hitting a high of nearly 1.24970 earlier today. Technical traders will need to look at three-month charts to gain a perspective on the current value of the USD/CAD. In early August and late July, the Forex pair traded within its current vicinity. On the 30th of July, the USD/CAD traded near the 1.24200 juncture, but it should also be remembered that in May and June of this year the pair was traversing within the 1.20000 to 1.21500 range rather comfortably. While technical traders who refuse to look at news events as a factor might not want to hear about it, the fact that energy prices are on the rise and the knowledge that Canada is a major exporter of crude oil and natural gas is certainly a factor within the price of USD/CAD. The broad Forex market has actually been seeing a stronger USD in many cases against other major currencies, and the intriguing prospect that the Canadian dollar is not correlating and is actually the stronger currency makes for a dynamic trading environment short term. The question is how long the USD/CAD can produce results which do not correlate to the broad market. Technically, if the USD/CAD continues to sustain its price below current resistance levels near the 1.25000 level it could prove to be a significant bearish indicator. However, due to the considerable volatility displayed in the USD/CAD the past week, traders should expect the possibility for rather fast reversals higher on occasion.Nervous conditions technically combined with rather exuberant market conditions in the energy sector will likely cause a rather choppy trading range, but there is no denying the trend has been a downward trajectory for the USD/CAD. On the 20th of September, the USD/CAD was trading near the 1.29000 juncture, which serves as a prime example for speculators to contemplate the potential volatility the Forex pair can produce in the span of a few weeks. If current support levels near the 1.24650 to 1.24550 levels begin to be challenged, traders may believe the 1.24400 mark can be targeted. If this lower support ratio sees a test in the short term, it is conceivable the USD/CAD could target lower values near the 1.24200 juncture.
Short
by SmoothJB
USDCADThe USD/CAD has been producing plenty of volatility for speculators pursuing the Forex pair. While choppy conditions are certainly part of the USD/CAD trading environment, this is also a perception based on the amount of leverage a trader is using while trying to take advantage of price action. Yesterday, early reversals higher to a fairly consistent resistance level of nearly 1.26500 began to falter and selling pressure again mounted within the USD/CAD. On the 20th of September, the USD/CAD was trading at nearly 1.29000 after pronouncements from the US Federal Reserve rattled Forex. While the USD has kept up its stronger pace against many major global currencies, the Canadian dollar has actually gone in a divergent direction. A significant factor in the sudden reemergence of strength in the Canadian dollar is due to the impact from the rising prices in the energy sector. Yesterday’s reversal higher was met by stiff and rather predictable amount of resistance, and the sudden move lower happened in a swift manner. After breaking below the 1.26000 level, the USD/CAD then began to test the 1.25850 juncture and eventually this support level was proven vulnerable too. As of this writing, the USD/CAD is trading near the 1.25700 level in fast conditions. Volatility is likely to remain substantial within the short term. The USD/CAD is now within sight of September low water marks. On the 2nd of September, the Forex pair tested a depth of 1.24910 briefly. Speculators may feel that this level represents a great distance from the current price of the USD/CAD and they may be right, but it is pointed out to show the pair is not unaccustomed to lower bearish depths. While the USD/CAD may not be trading in correlation with many other major Forex pairs, the current trend remains bearish. Until resistance levels begin to incrementally increase on a steady basis and prove durable, selling the USD/CAD remains rather attractive with a speculative perception. Cautious traders may want to wait for another round of higher reversals to occur before trying to sell the USD/CAD. Current resistance levels may prove to be rather adequate near the 1.25800 to 1.25900 ratios. Speculators who want to be sellers and remain conservative could wait for slightly higher moves before igniting their selling positions, and looking for support levels to then be challenged again for quick hitting wagers while pursuing additional downward momentum.
Short
by SmoothJB
USDCAD TrendThe loonie-dollar pair had risen to its highest level in a month the day before, as the US dollar's safe-haven demand was bolstered by a broad risk-off mindset. Concerns about the upcoming federal elections in Canada, as well as low prices for Ontario's principal export, oil, ran parallel. It should be mentioned that rumors that a senior US Senator, Joe Manchin, has pushed out President Joe Biden's $3.0 trillion stimulus negotiations to2022, combined with uncertainties about the debt limit increase, have added to the risk appetite's downside pressure. Janet Yellen, the US Treasury Secretary, has called for another extension of the limitations. Moving forward, early election results and risk catalysts are likely to remain the focus, but second-tier housing data from the United States may potentially entice USD/CAD traders.
Short
by meelbijendra