Author Topic: Daily Market Analysis from ForexMart: USD/CAD2  (Read 269 times)

Offline Andrea ForexMart

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Daily Market Analysis from ForexMart: USD/CAD2
« on: March 07, 2017, 07:55:18 AM »
USD/CAD Technical Analysis: March 6, 2017

The US dollar made some minor adjustments on Fridays as it moves close to its seven-week high versus other majors.               The growing expectations of US rate increase within this month provided support for the greenbacks.               The focus was turned to the testimony of Fed Chair Janet Yellen.               Moreover, the greens were able to maintain its winning position on Friday.               
The major came in green posting renewed highs during the onset of EU session.             

Buyers demonstrated an active movement this morning subsequent to the flat Asian trading as they drove the price upwards and gapped the level 1.              3400.               The USDCAD preserved a bid tone, touching its renewed highs eventually.             

The 4-hour chart presented the price extend its development on top of the moving averages while the MAs sustained a bullish pattern.               The 100 and 50-EMA executed an upward crossover towards the 200-EMA.               Resistance is at 1.              3470, support entered 1.              3400.             

The MACD increased which confirmed a buy signal.               RSI have seen consolidated around the positive readings.             

In case that buyers dominate the market, the next target is 1.              3470.               In turn, the USD would likely pull back near 1.              3330 mark.             


Post Merge: March 10, 2017, 05:58:44 AM
USD/CAD Technical Analysis: March 9, 2017

The Canadian dollar was able to preserve its stance compared with the US dollar yesterday.              The loonie received some support from the positive figures of Trade Balance a few days ago.              Investors wait with expectation for the statistics of US labor market which could establish a route for the USD/CAD.             

The pair was trading flat and toggled in the middle of the Wednesday night session.              The price is positioned in tight channels of  1.             3400 - 1.             3430 all throughout the night.             
Moreover, the USD resumed its short-term bullish trajectory during the earlier trades.              The major further pulled out from the 1.             3400 region and rallied higher heading to 1.             3470.             

As rolled out from the 4-hour chart, the price was developing beyond the moving averages.              It further mentioned the 100 and 50-EMAs preserved its bullish pattern while 200-EMA move over the neutral grounds.              Resistance touched 1.             3470 mark, support hit 1.             3400.             

The MACD histogram is positioned within the same level confirming buyer?s strength.              RSI oscillator hovered near the overbought readings and expected to support a fresh upward movement

The bullish market structure is expected to remain in its place in the short-term.              Bulls? next target is at 1.             3470.             


Post Merge: March 27, 2017, 11:35:38 AM
USD/CAD Technical Analysis: March 27, 2017

The Canadian currency was unable to sustain its upside momentum as it currently endures the continuous weakening following the weak prices of crude oil.           
The greenbacks rebounded 1.            3330 and reversed towards 1.            3375 in which the buying impetus seems short-lived.             The price headed back in the mid-session of Asia and begin to retreat afterward.           

The pair continued to decline amid early European trades and attempted to cut through the 50-EMA, nevertheless, failed to do so which caused it to reenter under the moving averages.             Furthermore, the 50-EMA remain to move lower, 100-EMA appeared neutral and the 200-EMA headed upwards.           

Resistance covered 1.            3400, support is at 1.            3330.           

The MACD histogram was spotted at the centerline.             On one side, an entry in the positive territory will favor buyers? strength and on the negative grounds will allow sellers seize the control within the market.             RSI was confined in the neutral area.           

A break under 1.            3330 mark would indicate further weakening towards support level 1.            3260.           



Post Merge: March 31, 2017, 10:09:42 AM
USD/CAD Technical Analysis: March 30, 2017

The commodity-linked pair is confined to a familiar range yesterday.            The price was positioned in the middle points of  1.           3400 and 1.           3350 within the day.           
The overnight recovery slowed down in the earlier trades as the spot attained the channel?s upper limit.           

The morning session triggered renewed bearish tone.            The greenbacks dropped sharply near the lower limit eliminating its gains throughout the night.            Sellers unsuccessfully move downwards and hovered in the range.           

In the 4-hour chart, the spot was sandwiched in the 100 and 50-EMA during the first part of the day.            Meanwhile, the 50-EMA drove higher, 100-EMA shifted down and the 200-EMA preserved a bullish pattern.           

Resistance is at 1.           3400, support holds 1.           3330 mark.           

The MAcd indicator stayed on its previous level, favoring strength for the buyers.            The RSI oscillator descended.           

As mentioned in the same timeframe, technicals confirm a downwards continuation to 1.           3330.           


Post Merge: April 24, 2017, 10:20:01 AM
USD/CAD Technical Analysis: April 24, 2017

The U.          S.           dollar paired against the Canadian dollar surged during the Friday session as it broke above the 1.          35 handle as it has been before.           This could climb higher but at the same time, this will bring high volatility in the market.           The oil market could support this trend especially when it drops which is not far from happening.         

Overall, the trend gives a bullish tone and reversals could create opportunities to go long for this pair.           If the pair breaks higher than the 1.          36 level, the trading condition could switch to a ?buy and hold? scenario in the market.           




Post Merge: May 03, 2017, 06:52:34 AM
USD/CAD Technical Analysis: May 3, 2017

The U.         S.          dollar against the Canadian dollar broke at 1.         37 level during the Tuesday session.          The oil market is not performing well which pulls the Canadian dollar along.          The psychological level between 1.         3.         63 and 1.         37 is strongly resistive as seen in the weekly chart which may not be favorable in selling the pair.         

Besides oil concerns, the Canadian housing market is along being problematic particularly in Toronto and Vancouver area.          There is a bubble market over the summer housing market with some of the shadow lenders starting to be affected as it drops to lows.          This put the currency under pressure added to the oil market which complicates the situation further.         
Pullbacks in the trend could open buying opportunities for the pair with the target of 1.         40 level and may reach even up to 1.         45 which is already expected for this summer.         

However, if the pair breaks lower than the 1.         36 handle, it is a sign to sell the pair but could be far from happening.          Traders should catch on pullbacks which is would be a wise decision for this pair considering the oil market to trigger the pair to break lower.         


Post Merge: May 10, 2017, 11:51:51 AM
USD/CAD  Technical Analysis: May 10, 2017

The U.        S.         dollar paired against the Canadian dollar started flat during the Tuesday session as the oil market being calm but not too long.         It was reversed and directed downwards.         Another factor is the Canadian building permits that brought movement following its negative reports.       

On the other hand, the U.        S.         dollar surged against the Canadian dollar as it breaks over the 1.        37 level.         The Resistance level was retested at 1.        37 region and the 1.        3750 level is being strongly resistive that prevents the pair to climb higher.         The market has been very bullish for a long term and it won?t take long before the market reaches the 1.        38 handle.         A few days ago, there has been a selloff of this pair and if this occurs again, the pair could further go up.       

The pair will continue its downtrend from 1.        3793 and the uptrend from 1.        3641 is a form of consolidation in the downtrend.         This could be followed by consolidation towards the next target of 1.        3550 level.         A break over the 1.        3793 region could trigger the price to go up towards 1.        3900.       

Reversals could attract buyers in the lower channel especially towards the 1.        37 handle which has been a resistance before.         It is possible for this level to turn into support region for the pair.         The long-term trend becomes bullish although the oil market has uncertainty.       

The crude oil inventories are about to be released to say which would most likely affect the trend.         Reversals could serve as buying opportunities for this pair although the greenback is more favored over the Canadian dollar.         Concerns in Canadian housing would add more hesitancy to the interest of the market to Loonie.         




Post Merge: May 15, 2017, 09:50:18 AM
USD/CAD Technical Analysis: May 15, 2017

The USD/CAD moves like from pillar to post last Friday and continuously grinding above 1.       37 handle.        Meanwhile, the oil markets appeared to be disorganized as of the moment.        We are directly standing above the channel while a pullback is inessential, however, when this price movement occurred then a move to the lower area would likely follow.        Possibly down to the region 1.       35 and moving through the mark 1.       3250.        Contrarily, a break over the channel, particularly in the 1.       38 handle, will cause the market to trail atop of the level 1.       40.        Mainly, the oil markets should be given much consideration as it extensively weighs to the Canadian dollar.       

Moreover, the commodity-linked pair is expected to be choppy but it looks like that the oil is in action at this time.        The housing market in Canada shows some uncertainties while concerns may arise since the history of the US housing bubble were still remembered clearly by many traders.       

The markets should consider sustaining a volatile session, however, the general uptrend will continue to drive through the upside in the longer-term.        It further allows the longer-term and steady traders to acquire gains on top of the 1.       40 range.       

It is recommended to seek for pullbacks which provide value upon getting the chance as the greenbacks continued to be favored by the North American currency.       


Post Merge: May 24, 2017, 08:48:01 AM
USD/CAD Technical Analysis: May 23, 2017

The USDCAD experience volatility during Monday?s session and had an attempt to rally, however, it made a reversal plunging under the region 1.      35.       The pair is relative to the crude oil markets and received a significant support upon the opening, while the OPEC seems to move nearer the deal regarding production cuts.     

Having said that, the greens decline versus its Canadian counterpart which is the proxy of currency traders against the oil markets.     

The ability to break down around it will allow the market to reach the 1.      34 handle.       However, a cut through the top of 1.      3550 area will touch above the range of 1.      36.       This range is significant for the longer-term charts, and a broke within that area enable the market to drive upwards.     

The volatile market is expected to continue considering the current condition of the oil coupled with Canada?s housing that brought an impact as well.     

Sellers have executed a significant action as well which could give a chance to break 1.      3550.       But there is no such opportunity to initiate a long move, except that the higher timeframes (daily or weekly charts) could obtain a longer-term signal

According to forecasts, rallies will resume and will be providing opportunities to sell towards a market that experienced a lower grind in the previous sessions.       Lastly, a gapped in the upside has to be accompanied by the oil markets that were rolled over.     


Post Merge: June 08, 2017, 11:38:55 AM
USD/CAD Technical Analysis: June 8, 2017

The USDCAD go through sideways amid Wednesday?s trades and attempted to push downwards reaching 1.     3425 handle.      After that, the market had broken out to the upside on the back of releasing the figures of  Crude Oil Inventories.      The number showed that oil demand declined again while the greenbacks broke to upside and collapse over the 1.     35 handle.     
With this, the commodity-linked pair is preparing to resume the longer-term uptrend with anticipation that buying dips will progress.     
 
The Canadian dollar is expected to struggle as demand continued to be sluggish relative to the crude oil market.      A break on top of 1.     36 handle prompts the market to move forward near 1.     40 region eventually.      As buying dips in the near-term will persist, selling the market seems uninteresting.      The U.     S.      dollar has to extend its gains versus the loonie because the oil keep on dragging the currency in the longer-term
 
A breakdown or pull back cause buyers to missed the trend during the announcement.     
The position on the lower level showed plenty of choppiness, hence, down there might have the same degree of irregularity because support will be provided for pullbacks.      Therefore, expect a lot of order flow accompanied by ?market memory found in the lower areas.     


Post Merge: July 06, 2017, 10:03:39 AM
USD/CAD Technical Analysis: July 06, 2017

The trend line close to the 1.    3030 level was achieved overnight which is already expected.     Currently, the resistance region is being tested by traders from below.     The uptrend is anticipated to continue in the upper region.     The 1.    1829 level is the limit amid the impulsive trend that cannot be breached.   

The WS1 was positioned at 1.    2788 followed by WS2 at 1.    2698 with the weekly pivot at 1.    2952 and the intraday support at 1.    3015.     On the other hand, its WR1 is found at 1.    3045 with the Top wave or the intraday resistance at 1.    3118 level.   

For today, it is conducive in trading to keep all the buy orders open and set the stop-loss (S/L) below the 1.    2829 mark since the trend is anticipated to bounce and proceed to go further upward.     


Post Merge: August 26, 2017, 08:48:28 AM
USD/CAD Technical Analysis: August 25, 2017

During the Thursday session, the U.   S.    dollar dropped against the Canadian dollar as it reached the 1.   25 handle once again.    If the market was able to breakout below, this could fasten the pace to proceed downhill.    Although, this would not be a facile process.    A rebound is also plausible which is already foreseeable if it happens but the 1.   26 level remains resistive.    A breakout in the upper channel which would have a big influence to the pair as traders react to the speech with Janet Yellen for today.    Volatility could exist in the market, despite the ones in power are the sellers.   


Post Merge: December 01, 2017, 04:14:33 AM
USD/CAD Technical Analysis: November 29, 2017

The American dollar traded sideways during the trading session on Tuesday, however, moved above the 1.  28 handle and slightly broke out on top of that area.   Moreover, the market seems to pull back from that level due to the struggle at the recent high.   In the past 36 hours was slightly parabolic, which could require a pullback to establish an upward momentum.   This market is expected to be greatly influenced by crude oil as the oil industry rolls over a little, and caused the Canadian dollar to drop its value.   With this, the market is filled with plenty of volatility which makes it complicated to hover on large positions as expected.   Building a position favorable on your side is the most feasible way to advance, while the level below 1.  2750 would likely the support based on the previous order flow. 

Contrarily, a cut through above the 1.  2833 handle will generate a renewed high that could possibly offer the right buying opportunity.   The area below 1.  27 is projected be very supportive, but a breakdown underneath the 1.  2675 region would be very negative which could push the market downwards until the 1.  25 handle. 

It is possible for the volatility to remain as an issue, considering that the oil sector was uncertain about its views.   The high volatility that surrounds the oil market consistently passes through this market.   Generally,  the upside seems favorable amid it is characterized by a ?risk off? move that is somewhat overdue. 


Post Merge: February 13, 2018, 04:04:54 AM
USD/CAD Technical Analysis: February 12, 2018

The American dollar rallied versus other currencies around the globe, and the Loonie seems different.  The USD/CAD rally due to declining prices of the oil.  The Canadian dollar is commonly used by currency traders as a substitute for the oil markets which means that when the WTI Crude Oil drop, the Loonie will typically follow.

The US dollar attempts to create some stand to resume the bullish pressure, this could be done if the oil markets continue to remain weak.  An unidentified employment figure will be released on Friday from Canada but failed to help things.  Looking forward, the interest rates in the United States are rising which indicates a good sign for the currency.  With this, the buying pressure is projected to continue, however, there is a tendency that the opposite thing may happen.  We could consider this upon breaking down under the hammer formation last week.  Basically, it is a breakdown beneath the 1. 22 handle.  In the past, there are a lot of short-term volatility in the USD/CAD which normally occur upon the intertwining of the two economies.

It should be noted that the United States and Canada are each other?s biggest trading partners which often grind each other.  It can be assumed that this point can be defined as a ?crucial inflection?, so it is advised to maintain a small position and add when the market establishes itself well.


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« Last Edit: February 13, 2018, 04:04:54 AM by Andrea ForexMart »
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Daily Market Analysis from ForexMart: USD/CAD2
« on: March 07, 2017, 07:55:18 AM »

 

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