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USD CAD Overview

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Daily analytical report (25/05/18)
We’ve finally got a decent correction on oil. WTI is going down for the fourth day in a row and in the meantime, the price broke the lower line of the channel up formation and the mid-term upwards trend line. The next target for this drop is the horizontal support at 66.1 USD/bbl. The second commod....
6
Daily analytical report (17/04/18)
This week should be important for the CAD. We have an interest rate decision and statement, as well as CPI and retail sales data. Ahead of those events, CAD is very strong. USDCAD has been declining for the past few weeks and it looks like this movement will continue. Currently, the price is creati....
3
Daily analytical report (10/04/18)
First up is the USDCAD pair, which yesterday tested the neckline of the large head and shoulders pattern. The test was positive for sellers and the price bounced from the resistance. This confirms the mid-term sell signal on this instrument. The next occasion is on the cable, which came back above ....
2
Daily analytical report (06/04/18)
Cable created two beautiful bearish patterns; a head and shoulders and a wedge. Both of them resulted in a downswing. The price is currently aiming at a very important support; the long-term upwards trend line. Any bullish reversal pattern should be a strong buy signal here. USDCAD also created a h....
2
Daily analytical report (05/04/18)
Today, as always, we have three good trading occasions. Two of them involve CAD and have nice head and shoulders patterns, which are already up and running. EURCAD is the first one. Here, the price broke the upwards trend line (red), neckline (blue), and the horizontal support (orange). After that,....
3
Daily analytical report (04/04/18)
First up is the USDCAD pair, where the price has created a big head and shoulders pattern. I bet that many traders saw that and were expecting a bearish breakout. That is what happened yesterday. As for now, the price is making lower lows and highs, which is a positive sign. The sell signal looks l....
3
Daily analytical report (09/03/18)
As expected, bitcoin’s inability to climb above 11k USD sent it much lower. We managed to break the 10k support and, most recently, 8.7k USD. This will now act as the closest resistance. The immediate target for the bears is 6k USD. USDCAD broke the mid-term upwards trend line but it is still not e....
1
Daily analytical report (22/02/18)
The FOMC minutes weren’t as hawkish as expected, so the USD went down. Oh wait! Now it’s back up again. Another day, another rollercoaster reaction on the FX Market. The minutes allowed the EURUSD pair to break the mid-term upwards trend line and the horizontal support at 1.229. The breakout is not....
2
Daily analytical report (26/01/18)
Mario Draghi didn’t say anything new. His comments were similar to ones he made recently. The consensus about his statement is that the ECB president wasn’t dovish enough. This pushed EUR higher. On the EURGBP pair, this created an opportunity for a false breakout pattern. Two days ago, the price a....
2
Daily analytical report (25/01/18)
Mnuchin sank the US dollar with his comment that a weaker currency is good for trade. This helped the USDCAD pair break the mid-term horizontal support, which was a part of the sideways trend locked inside of the rectangle. That opens the way for the new yearly lows. Soon, we should test the lowest....
4
Daily analytical report (12/01/18)
Friday's calendar seems like the busiest so far in 2018. We should finally see some action on the fundamental side of the market. Today, later in the day, we’ll get the CPI and retail sales data from the US. Ahead of this data, the EURUSD pair is trying its luck and is once again aiming at the ultr....
4
Daily analytical report (05/12/17)
The hawkish RBA has given AUD a boost, creating a nice trading opportunity on the AUDUSD pair. First of all, we have a bounce from the upwards trend line. Next are the correction equality pattern and the iH&S formation. What’s more, the price came back above the 38.2% Fibonacci and used that as....
2
Daily analytical report (16/11/17)
As expected yesterday, the EURUSD pair declined sharply, creating a strong shooting star on the daily chart. This opens a way to a bigger correction aiming the closest support (1.1730). It looks like the bears are very determined so the downswing could be actually stronger and might aim for the 50%....
4
Daily analytical report (26/10/17)
Bitcoin breaks 5,770 USD, triggering a buy signal which should aim for new all-time highs. That movement was expected as we were inside a wedge pattern (bullish) and the price bounced from the long-term upwards trend line connecting higher lows since the middle of September. USDCAD is using a buy s....
3
Daily analytical report (24/10/17)
We’ve got three different asset classes for you to look at today. We’ll start with cryptocurrency, meaning bitcoin against USD. We can see that the price broke below the 5770 USD support (grey), which opens the way to the mid-term upwards trend line (black). Even with that, the main sentiment remai....
3
Daily analytical report (18/10/17)
Speculation over John Taylor possibly being the next Chair of the Fed has helped the USD regain some strength. This is especially apparent on the DXY, which bounced from the 92.75 support using a double bottom pattern and started forming the right shoulder of the iH&S pattern. There is no buy s....
5
Daily analytical report (17/10/17)
USDMXN. We can see the first signs of the exhaustion here. After breaking the upper line of the triangle, the price surged higher. Now we are approaching the 38.2% Fibonacci where we may see some profit taking action from buyers. That resistance is additionally strengthened by the highs from March,....
7
Daily analytical report (15/09/17)
A few days ago, we said that markets are likely to ignore the news from the North Korea as the chances of a real conflict are rather low and the thing is that we cannot focus our attention on one issue for too long. We saw proof of that today, when markets completely ignored a new missile launch in....
2
Daily analytical report (14/09/17)
Today’s main event will be the US inflation data, but the rate decision from the BoE also got some attention. USDCAD is forming a bearish flag ahead of the CPI. This pair likes and uses trend continuation patterns so we should see a further drop; obviously only if the CPI allows us to do so. EURGBP....
5
Daily analytical report (07/09/17)
There isn’t much time to digest yesterday's move by the BoC as today we have the ECB meeting and Mario Draghi’s press conference and all eyes are now on these. Most of the instruments on the market are continuing their recent trends. Precious metals are climbing higher and USD is going down. One of....
5
Draghi Says Euro a Concern as ECB Targets October Decision on QE (news: 07/09/17)
Today's pressDraghi Says Euro a Concern as ECB Targets October Decision on QE Mario Draghi said the European Central Bank is watching the euro’s gains as policy makers edge toward settling the future of their bond-buying program.Euro shrugs off ECB concerns to top $1.20 LONDON (Reuters) - The euro ....
2
Brexit-wary Bank of England leaves rates on hold, cuts growth forecast (news: 03/08/17)
Today's pressBrexit-wary Bank of England leaves rates on hold, cuts growth forecast LONDON (Reuters) - The Bank of England kept interest rates at a record low again on Thursday and, seeing Brexit weighing on the economy, cut its forecasts for growth and wages.U.S. jobless claims, layoffs fall as la....
2
USDCAD on major support, look to buy for a long term position
Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000. Reason for the trading strategy (technically): Price is testing major support at 1.2460 (major swing low for past 2 years, Fibonacci extension, bullish price action) and we expect to see a long term correction from this level towards at l...
4
EURUSD: rebound to the 45th degree
EURUSD: rebound to the 45th degree
Previous: On Friday the 28th of July, the euro/dollar closed up. Buyers brought the rate back to 1.1764, taking advantage of US data and a weak US dollar. The US’s preliminary GDP reading for the second quarter of 2017 came out as expected at 2.6%. Despite the high GDP value, price components came o...
2
U.S. economic growth picks up in second quarter, wages continue to lag (news: 28/07/17)
Today's pressU.S. economic growth picks up in second quarter, wages continue to lag WASHINGTON (Reuters) - The U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, but persistent sluggish wage gains cast a dark shadow over the gro....
4
Euro/dollar has returned to the 1.1380 support
The US dollar’s day started with a drop. During trading in Asia, the US dollar index (DXY) fell to 95.46. During trading in Europe, it recovered all its losses, restoring to 95.88. On the back of a strengthening dollar, the euro/dollar rate has fallen from 1.1456 to 1.1372 (-84 pips). Sellers didn’....
3
U.S. manufacturing activity rises more than expected in June – ISM (News: 03/07/17)
Today's pressU.S. manufacturing activity rises more than expected in June – ISM Investing.com - Manufacturing activity in the U.S. rose more than expected in June, according to an industry report released on Monday, bolstering optimism over the U.S. economy.Forex - USD/CAD pares gains amid higher o....
2
Daily analytical report (29/06/17)
I guess that trend followers are enjoying this week’s trading. On many instruments, we are seeing movements that respect the latest mid/long-term trend. This is happening without any interference from the fundamentals as the calendar is rather empty and the central bankers that were speaking this w....
5
Daily analytical report (28/06/17)
Unexpectedly hawkish Draghi brings volatility to the market and helps the EUR bulls set yearly highs on many currency pairs. EURUSD combined the fundamentals (Draghi) and technical analysis ( iH&S formation). The price climbed sharply. We came back above the mid-term up trend line and used this....
3
Daily analytical report (27/06/17)
Although the macro calendar isn’t packed this week, we can find some nice trading occasions as the technical situation on many instruments looks very promising. Silver is creating a hammer candlestick on the weekly chart. I know it’s only Tuesday, but the strong defence of the long-term up trend li....
3
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