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USDCAD: Bullish, Eyes Further Strength.

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  #1  
Old 15-01-2014, 13:20
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Default USDCAD: Bullish, Eyes Further Strength.

USDCAD: With USDCAD resuming its broader upside, it looks to strengthen further towards the 1.1000 level, its big psycho level. Above here will pave the way for a run at the 1.1050 level and possibly higher towards the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the other hand, support comes at the 1.0900 level followed by the 1.0842 level where a violation will set the stage for a run at the 1.0736 level, representing its Dec 20 2013 high. Additionally, downside objective resides at the 1.0651 level, its Jan 062014 low and subsequently the 1.0600 level. All in all, USDCAD continues to face further upside threats in the long term.

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  #2  
Old 08-09-2015, 09:31
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Default Technical analysis of USD/CAD for September 8, 2015


The market keeps trading just above the weekly pivot at the level of 1.3238 in a tight consolidation zone. Please notice, that the current price action might suggest a possible triangle pattern in progress, where wave abc and d are currently done and wave e to the downside is still missed.

Support/Resistance:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

1.3288 - Intraday Resistance (weak)

1.3237 - Weekly Pivot

1.3148 - WS1

1.3136 - Intraday Support (weak)

1.3115 - Intraday Support (strong)

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for a further confirmation of a higher-degree corrective cycle.
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  #3  
Old 08-09-2015, 09:42
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Default Technical analysis of USD/CAD for September 8, 2015


The market keeps trading just above the weekly pivot at the level of 1.3238 in a tight consolidation zone. Please notice, that the current price action might suggest a possible triangle pattern in progress, where wave abc and d are currently done and wave e to the downside is still missed.

Support/Resistance:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

1.3288 - Intraday Resistance (weak)

1.3237 - Weekly Pivot

1.3148 - WS1

1.3136 - Intraday Support (weak)

1.3115 - Intraday Support (strong)

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for a further confirmation of a higher-degree corrective cycle.
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  #4  
Old 06-11-2015, 12:07
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Default Technical analysis of USD/CAD for November 6, 2015


General overview for 06/11/2015 09:10 CET

The situation is quite similar to yesterday's price action as the market moves in a tight range ahead of the NFP data later today. The wave b green in this cycle might be completed at the recent local high at the level of 1.3196, so there is still a potential for a further decline towards the weekly pivot level. The weekly pivot l is the key level for the day: any breakout below it would mean a further decline is more possible than a bullish reversal.

Support/Resistance:

1.3191 - Intraday Resistance

1.3111 - Weekly Pivot

1.3038 - Intraday Support

1.2954 - WS1

Trading recommendations:


Day traders should consider opening buy orders at the level of 1.3111 with tight SL (10-15 pips) and TP at the level of 1.3191.
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  #5  
Old 14-09-2016, 08:59
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Default Re: USDCAD: Bullish, Eyes Further Strength.

General Analysis
On Monday the Canadian dollar continued to trade in a narrow range without significant volatility. The last three trading days passed in the corridor of 150 points (1.2820-1.3110).

The Canadian against the US dollar (USD/CAD) currency pair continued to grow despite all the expectations for the beginning of a correction. Currently the potential for further growth persists in case of a rebound from the resistance line at 1.3850.

The target of the correction will be in an area close to the level 1.2950. From there we can expect a new attempt at growing with a rebound from the support line. Breaking through the support line will be a signal to change your trading decisions and start looking down.

The RSI is in the neutral zone and does not provide any essential signals.
The MACD shows movement above the zero line and continues to rise, confirming the presence of the upward trend on the chart.

The Next Few Days
In this way, we expect a correction in case of a rebound from the support line at 1.3180 with an increase to 1.3600.




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