Community
Blog

Community Blog

Add post
Filtered by tags:  New High
Avatar

USD/CAD to pull back before continuation higher

al_dcdemo Posted 30 Dec. as Analysis on USD/CAD, Target: 1.3925, Date: 1st of February, 12:00 GMT  in #Technical analysis #Oil #USD/CAD #Confluence #New High #Uptrend #Pullback #Strong Rally #Major Levels #Upside Potential
Monthly chart
The pair is in uptrend since 2011. It broke above 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair pulled back deep enough to clear stops below 1.20. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement wasn't even properly retested before the pair resumed the uptrend, touching 1.40 level in December.
Weekly chart
Since revisiting 1.20 level …
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

9 Comments
View 4 more comments
al_dcdemo avatar
al_dcdemo 11 Jan.

UPDATE 5: There was quite a lot of movement for a Monday right after the open. Moves across major pairs were similar with the dollar gaining against higher yielding currencies and losing against lower yielding ones. The moves were then more or less reversed. Loonie appears to have been the quietest of the bunch as its overnight range was barely more than 30 pips.

al_dcdemo avatar
al_dcdemo 12 Jan.

UPDATE 6: Loonie continues to trend up strongly and has broken to a new high in five out of six completed trading days this year. Yesterday, it reversed from the dip and proceeded to break July 2003 high, making it to the highs not seen for thirteen years. 76.4% retracement of the 2002 to 2007 decline is the next target, reinforced by the big figure level at 1.45 and backed by the March 2003 low (~1.4580). Pullbacks have been shallow but, in case of a deeper correction, area around 1.35 (September 2015 high) may be the first candidate for support.

al_dcdemo avatar
al_dcdemo 18 Jan.

UPDATE 7: Currencies opened the week with with risk-off gaps: euro, franc and yen gained about 10 pips, pound lost a couple of pips while commodity currencies lost 20-60 pips. All gaps have been already closed as risk sentiment improved. U.S. banks will be closed today in observance of Martin Luther King Day - that means thin liquidity and tight ranges but not without a possibility of an outsized move.

al_dcdemo avatar
al_dcdemo 21 Jan.

UPDATE 8: Contrary to what many expected, BOC held the overnight rate at 0.50%. Canadian dollar weakened a lot in anticipation of their move and was bought heavily after the decision. The pair (USD/CAD) was marked down immediately but it turned around swiftly and retested pre-meeting range in anticipation of a dovish press conference. That never came and the pair continued lower, leaving a big reversal candle on the daily chart.

al_dcdemo avatar
al_dcdemo 25 Jan.

UPDATE 9: Major currencies opened with gaps again but this time around with smallish ones in what appears to be the quietest open so far this year. Improvement in risk sentiment seemed to come after China managed to stabilize its currency and stock market. Given the magnitude of the bounce in stocks, oil and risk sensitive currency pairs it seems that an interim bottom may be in place. However, all macroeconomic themes are still ongoing, so it may be too early to speak of a reversal.

orto leave comments
Avatar

GBP USD able to make a new high ?

keeong Posted 6 Oct.  in #USD #Bullish #Gbpusd #Pounsterling #New High
In the second week , GBP USD seems sttil able to achieve new high, but the price is corrected to 1.5919.-1.5779 .Target in the october 2013 is the range 1.64-1.66
Read full story
Translate to English Show original

Since you are not logged in, we don't know your spoken language, but assume it is English
Please, sign in or choose another language to translate from the list.

– or –

Leave a comment
orto leave comments

Top bloggers

Blogger Posts / Likes

Top rated posts