All Articles Tagged - USDCAD

Technical Analysis -USDCAD on the upside

Posted on May 28, 2015 at 7:17 am GMT

USDCAD is attempting to break outside the Ichimoku cloud. Technical indicators suggest that further upside momentum is possible. RSI is above 50 in bullish territory and the tenkan-sen and kijun-sen lines are pointing up. After a corrective dip from the March 18 high of 1.2834 to 1.1919, the pair rallied to 1.2491 on Wednesday. There is scope to retest the high of 1.2834. We would need to see a decisive break above this to see a resumption of the longer [..]

Asian Session – US dollar tries to stabilize after more data-induced weakness

Posted on May 15, 2015 at 7:16 am GMT

The US dollar was trying to stage a bounce after being pressured lower following much weaker-than-expected producer prices. Producer prices fell 0.4% instead of climbing 0.1% during April, hinting at deflation at the producer level in the United States. Jobless claims on the other hand were lower-than-expected at 264 thousand, driving the four-week average to a 15-year low. Signs of a tightening labor market contradicted other indicators that indicated a moderating pace of economic expansion. Stocks on the other liked [..]

Technical Analysis – USDCAD bearish below cloud

Posted on May 15, 2015 at 7:07 am GMT

The near term outlook for USDCAD stays bearish as long as prices stay below the daily Ichimoku cloud. A top has been formed at the March 18 high of 1.2834 as prices have been falling since then to touch a low of 1.1919 on Friday. The pair has retraced 38.2% of the upleg from 1.0619(July 2014 low) to 1.2834 (March 2015 high) and prices have been testing this Fibonacci level of 1.1987. The tenkan-sen and kijun-sen lines are negatively aligned [..]

Technical Analysis – USDCAD hits 6-year high, upside bias strong

Posted on March 16, 2015 at 8:18 am GMT

USD/CAD broke above the key 1.2800 level on Friday to hit a 6-year high of 1.2822. The tenkan-sen and kijun-sen lines are positively aligned, reinforcing the overall upside potential giving scope to target the 1.3000 level. To the downside 1.2350 is an important support level. A move back below this level would weaken the underlying bullish bias and bring the bears back in play. For now the bulls have the upper hand as the overall picture shows the long term [..]

Technical Analysis – USDCAD consolidates in triangle pattern

Posted on March 5, 2015 at 7:39 am GMT

USDCAD is consolidating in a descending triangle after a long term rally from 1.0619 last July. The triangle base provides support at 1.2350. A break below this would target next support 1.2050. To the upside, a breakout from the triangle would bring a resumption of the uptrend. A move above the 6-year high of high of 1.2798 (hit on January 30) will open the path towards the March 2009 high of 1.3063. The near term bias is neutral as the [..]

Technical Analysis – USDCAD rallies to above 1.2300, highest since 2009

Posted on January 22, 2015 at 8:38 am GMT

USDCAD rallied to a high of 1.2393 on Wednesday, the highest since April 2009. The bias remains strongly bullish, with many technical indicators suggesting this. The market is above the Ichimoku cloud and the tenkan-sen and kijun-sen lines are positively aligned and pointing north. RSI is rising although it has entered overbought levels, suggesting a pause in the upward momentum in the near term. Yesterday’s high of 1.2393 will act as immediate resistance. The next high the market would target [..]

Technical Analysis – USDCAD off 5-year high but bullish bias remains

Posted on November 27, 2014 at 8:33 am GMT

USDCAD has maintained a steady uptrend since bouncing off a low of 1.0619 on July 3rd. Breaking above the 200-day moving average and the Ichimoku cloud strengthened the upside momentum. The thickening of the cloud and the rising tenkan-sen and kijun-sen lines are supporting the bullish bias. The pair hit a 5-year high of 1.1465 on November 5th. It has since pulled back to find support at the cloud. The area between 1.1190 and 1.1230 is an important support zone. [..]

Technical Analysis – USDCAD in rising channel

Posted on October 24, 2014 at 7:12 am GMT

USDCAD is in an uptrend, making consistent higher highs and higher lows. It remains in its rising channel on the daily chart and is currently testing the lower channel line ahead of key support at 1.1200. Resistance stands at 1.1300 and a break above this level would strengthen the bullish momentum to target the 5-year high of 1.1384 hit on October 15. RSI remains in bullish territory although it has flattened out suggesting some consolidation in the near-term. However, the [..]

Technical Analysis – USDCAD hits 5-year high

Posted on October 15, 2014 at 7:22 am GMT

USDCAD hit a new 5-year high today at 1.1343. The bullish trend remains intact. The pair has been making new highs since July. The market is above the 200-day moving average and the Ichimoku cloud is rising. The tenkan-sen and kijun-sen lines are positively aligned. Upside momentum is still strong as RSI is in bullish territory above 50. All these point to a bullish market structure. As long as there is a daily close above the key 1.1300 level, the [..]

Technical Analysis – USDCAD hits new 6-month high

Posted on September 26, 2014 at 7:48 am GMT

USDCAD hit a new 6-month high today at 1.1131 with scope to revisit the 1.1277 hit in March, which is the highest since 2009. The trend is bullish on the weekly chart and the Ichimoku cloud is rising. Prices are finding support at the top of the cloud at 1.0944. The tenkan-sen just crossed back above the kijun-sen which is a bullish signal. RSI is above 50 in bullish territory, adding to the upside potential. A close back into the [..]

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