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USDCAD

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Technical Analysis – USDCAD falls for second day

Posted on August 27, 2014 at 10:06 am GMT

USDCAD is weakening and falling for a second day. The recent rally from the July 3 low of 1.0619 to August 6 high of 1.0984 has stalled and since then the trend has been sideways. The tenkan-sen and kijun-sen lines are now flat and RSI has turned down, all signaling that the upward momentum has faded. There was an attempt to breach resistance at 1.0984 (Aug 6 high) but failed. So this false breakout favors further short-term weakness. Near-term support [..]

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Technical Analysis – USDCAD scope for bullish reversal

Posted on July 29, 2014 at 9:24 am GMT

USDCAD has moved off 7-month lows of 1.0619 and risen to reach a high of 1.0820 where it has been consolidating the past three days. The pair is finding resistance at this level where the 200-day moving average lies (it was also a previous support level). Next resistance is found at 1.0886 at the June 18 high. It appears the market has created a rounding bottom and there is potential for a bullish reversal. RSI is rising and in bullish [..]

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Technical Analysis – USDCAD at 6-month lows

Posted on June 20, 2014 at 7:24 am GMT

USDCAD has been declining since the June 5 high of 1.0959, currently trading at 1.0820. On the 4-hour chart prices are below the Ichimoku cloud and the tenkan-sen and kijun-sen are negatively aligned, adding to the bearish market structure. RSI is bearish below 50. Strong resistance at 1.0886 (June 18 high) will cap the pair to the upside. Immediate support is at 1.0809, yesterday’s low. This is an important level and the lowest level since January, so consolidation around this [..]

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Technical Analysis – USDCAD hits new 4-year high on dovish BOC

Posted on January 23, 2014 at 9:50 am GMT

The Canadian dollar weakened drastically on Wednesday after a dovish Bank of Canada outlook on the economy, following the central bank’s monetary policy meeting. USDCAD rallied to a new 4-year high of 1.1172 by the European session on Thursday after breaking a key psychological barrier of 1.10 late on Wednesday. The pair is approaching the 50% Fibonacci retracement level (1.1220) of the decline from the March 2009 high (1.3063) to the July 2011 low (0.9404). This Fibonacci level will act [..]

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