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Maintains pair of the U.S. dollar against the Canadian dollar on the stability without the barrier of 0.9800, while stochastic continues bearish him on the daily time frame.
From here, our expectations for the bearish trend remains constant and objectives begins the day at 0.9600-0.9565
Expected trading range for today is between: support at 0.9565 and resistance 0.9885
General tendency is expected for the day: Down
USDCAD is moving between the support and resistance level now.
If USDCAD can break the resistance level at 0.9804, this pair will go up to the next resistance level at 0.9862. But if USDCAD can break the support level at 0.9749, it will open a chance for USDCAD to fall and reach the next support level at 0.9692.
USD/Cad retraced from daily support 1 level (0.9746) and rise back to asian market opening price ago. The level 0.9773 become next barrier level for price to move up. And if price can break this level, it may continue bullish momment but will be limited around 0.9785-0.9792 area as overbought area in mbfx indicator.
Spoiler:
On the H1 chart, the price is below 12 EMA and 72 EMA indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
RECOMMENDATION: SELL
Take profit: 0.9714
\\\\\On the hourly chart visible converging triangle formed, the pair is now trading near the lower boundary of its - Support 9743, most likely it will break it, as the course has appreciated steadily below the moving alligator.\\\\
Canadian housing starts declined less-than-expected in September, official data showed on Tuesday.
In a report, the Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts fell to 220,200 units in September from 225,300 units in August, whose figure was upwardly revised from a previously reported 224,900 units.
Analysts had expected Canadian housing starts to dip to 208,000 units in September.
Commenting on the report, deputy chief economist at CMHC’s Market Analysis Centre Mathieu Laberge said, “The monthly decrease posted in September was mostly due to a decrease in urban multiples starts.”
“Following a period of elevated housing starts activity due to strong volumes of multi-family unit pre-sales in 2010 and 2011, the pace of housing starts is expected to moderate,” he added.
Following the release of the data, the Canadian dollar held on to gains against its U.S. counterpart, with USD/CAD shedding 0.23% to trade at 0.9748.
USDCAD in downtrend from 0.9884. A further reduction can be expected after a minor consolidation, and next target would be at 0.9700 area i think. Key resistance is at 0.9884.
http://img842.imageshack.us/img842/6396/imageoa.gif
Rose USD / CAD after oscillation between SMA 55 and support level at 0.9750
Breached SMA 55 to top up now at 0.9790 levels with the support of the stochastic
If the price broke through 0.9800 and closed above him to expect more of the Ascension, but this might be delayed a little bit of stochastic approaches overbought
Course decided to once again test the strength of 9800 figure, and again from her pair strayed south, I opened the sale, I think for 9750 should reach a minimum, but if the break through 9750 and then the path to the minimum 9650 will be free.
Rates for the U.S. dollar / Canadian dollar in the struggle between the forces of supply and demand in the market, the price moves between a price limit upper and lower limit. If you close a four hours above (0.9811) will open the way to test the next resistance level at (0.9883), and vice versa in the case of closure of any four hours less than (0.9759) will pay this price to test the next support level at 0.9734