FX Daily Outlook| 01-09-16
Posted on September 1, 2016 at 9:14 am GMT[..]
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Technical Analysis – USDCAD maintains short term bullish bias
Posted on September 1, 2016 at 5:26 am GMTUSDCAD maintains the bullish bias in the short term after bouncing from 1.2762 on August 18. Prices rose to a high of 1.3144 on Wednesday but have found resistance in this area.The market is also currently at an important psychological level at 1.3100, which is just below the 23.6% Fibonacci retracement level (1.3112) of the upleg from 1.2653 to 1.3252. (June 8 – July 27 rise). These levels act as barriers to the upside. The market’s upside momentum was quite [..]
Technical Analysis – USDCAD pauses 9-day decline, remains bearish
Posted on August 19, 2016 at 8:06 am GMTUSDCAD was on a sharp downward trajectory since early August, falling from above $1.31 down to 1.2762 on Thursday. There was a reversal this morning but there are no clear signals yet if this move up can be sustained. The overall picture is quite bearish and RSI is below 50 in bearish territory. Also, the market is below the 200-day moving average (this support the bearish view). USDCAD was on the rise from the June low of 1.2653 to the [..]
Technical Analysis – USDCAD upside pressure weakens around 1.3240
Posted on July 27, 2016 at 7:08 am GMTUSDCAD remains bullish in the short term but upside pressure has weakened. The recent rally from the 1.27 area was curbed at 1.3241. Momentum has not turned negative yet and RSI is still in bullish territory above 50, while MACD is above zero. There is scope for prices to rise towards the 200-day moving average at 1.3307. This would be seen a strong resistance area though. Downside moves should find support in the 1.30 area and at the 50-day moving [..]
FX Daily Outlook| 08-06-16
Posted on June 8, 2016 at 9:32 am GMT[..]
Technical Analysis – USDCAD turns bearish after breaching 1.28 and 50MA
Posted on June 8, 2016 at 7:21 am GMTUSDCAD extended losses for a fourth day on Wednesday, further retracing the upleg from 1.2460 to 1.3187. The market is now testing the 61.8% Fibonacci retracement level at 1.2738. This is an important support level which if broken to the downside, would accelerate a further decline towards the key 1.2600 level. RSI is trending down and is in bearish territory below 50, suggesting there is risk of further downside. If the pair continues on its downside below 1.2600, there is [..]
Technical Analysis – USDCAD rises to 7-week high
Posted on May 24, 2016 at 7:13 am GMTUSDCAD rose to a fresh 7-week high early on Tuesday at 1.3176. RSI is trending upwards and has not entered overbought territory yet, so there is room for further upside. The market is close to the April 4 high of 1.3217. If it is surpassed, there is scope to target 1.3310, which is the 38.2% Fibonacci retracement level of the downleg from 1.4689-1.2460. From here, the aim will be the 200-day moving average at 1.3355. Alternatively, if the market reverses [..]
Technical Analysis – USDCAD bearish below key $1.30 level
Posted on April 12, 2016 at 7:00 am GMTUSDCAD continues to fall in a descending channel. The outlook remains bearish especially after prices fell below a key level on Monday, breaking below 1.3000 and $1.2900 to reach $1.2884. A daily close below $1.2900 could see a continuation of the bearish trend that started from the multi-year peak of 1.4689 in January (the highest in more than 12 years). RSI is below 50 in bearish territory, supporting the downside momentum. The 50-day moving average is falling sharply and approaching [..]
Technical Analysis – USDCAD pauses decline, turns neutral
Posted on February 24, 2016 at 7:55 am GMTUSDCAD has been declining ever since hitting 1.4689 in January – a more-than 12-year high. After failing to break above the key 1.4700 level, prices consequently fell to reach the 50% Fibonacci level of the upleg from 1.2831 to 1.4689 (October 2015 to January 2016 rise). Prices are now testing this level at 1.3760. Immediate support is being provided by the 100-day moving average around 1.3673. If the market makes a sustained advance higher above the 50-day moving average then [..]
Technical Analysis – USDCAD hits new 11-year high, bullish above 1.40
Posted on January 11, 2016 at 7:56 am GMTUSDCAD moved another leg higher after breaching the key level of 1.4000 last week. On Monday the pair hit a new 11-year high of 1.4187. The technical indicators on the daily chart are bullish, with positively aligned tenkan and kijun lines and a rising Ichimoku cloud. Also the market is above the 200-day moving average. The RSI is in bullish territory but it has reached overbought levels above 70 which suggests there could be some consolidation in the near term. [..]
