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USDCAD is getting ready for a break from contraction. Direction of the break will show a further trade entry. Close above 1.3 will open a long trade to 1.31, break below 1.29 will target 1.28.
iggy_ua's Blog
USDCAD
Oil has dropped significantly the from the last decade of March until now. CAD has not depreciated at the same time which is unusual for oil-cad correlation. The recent action in USDCAD suggested that a further strengthening in CAD is probable. USDCAD is breaking down the consolidation zone today and might drop 100p from the current price in the next few days.
USDCAD reversal
USDCAD is nearing the major support at 1.245-1.25 area. The downside momentum is strong supported by oil price action and BOC actions. The reversal will not be strong, but a rebound from the support area could be cought for 50-100 pips. Open buy at 1.25 with SL at 1.244 and TP 1.27 resistance level.
USDCAD midday forecast
The USDCAD pair traded with negative bias yesterday affected by the BOC decision to keep the rate unchanged. The expectations were a potential rate cut. Even though the news are not negative for CAD, the market reacted against all odds as it does in many cases on fundamental news announcements. The price touched the key support at 1.4430, holding above. This level represents key support to continue the main positive scenario. Today the price is trying to retest this support. Yesterday's USDCAD a…
USDCAD
Quiet day in the market on 18 Jan 2016. USDCAD has given another push to new highs as usually seen in the last two weeks. However, the gap was closed one way with no upside return of the price. This price action might show an approaching correction in the pair. The level of 1.456 is an important Fibo level, which was test and stayed in force today. Traders should expect a few days of consolidation and most like a corrective move of the pair to 1.4 area
USDCAD reversal
Interesting situation is boiling up in the market. EUR strength collects some comments from analysts, which are hard to prove. CHF and JPY strength could be devoted to market participants' uncertainty in the equity markets. And last but not least, Oil has reached a psychological barrier of 30 usd. Considering these developments, it's fair to expect an adjustment to a far overbought USDCAD.
USDCAD could not extend gains with recent oil declines. Still waiting for a reversal pattern. However, look…
USDCAD could not extend gains with recent oil declines. Still waiting for a reversal pattern. However, look…