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ye abhi 4h chat ke strong support price level par hai...ye two times .9660 ki price ko touch kr ke up direction me gay hai..we expect this time it also go in up direction..esme 0.9722 ka tp rkh sakte hai kyo ki es level ki price pr esko support hai..jo resisatnce me convert ho skta hai.
I think the analysis that you provide is very good, but based on the weekly analysis of the composition of candle.usdcad will try to sideway with the bias of the end of the uptrend that has happened downtren montly,,bro can you share your indicator for me?:DQuote:
Originally Posted by tradergalau
in daily time frame chart, we can see that the previous candle or the yesterday candle is an outside bearish candle. So, I think the seller is dominating market now. USDCAD has a potential to fall today. I expect this pair will touch the 0.9749 support level or even lower today.
Spoiler:
The U.S. dollar advanced against its Canadian counterpart on Friday, as ongoing uncertainty over Spain’s’ position on requesting a formal bailout and concerns over the outlook for the global economy weighed on demand for higher-yielding assets.
USD/CAD hit 0.9833 on Thursday, the pair’s highest since October 4; the pair subsequently consolidated at 0.9798 by close of trade Friday, gaining 0.27% over the week.
The pair is likely to find support at 0.9743, the low from October 9 and resistance at 0.9833, Thursday’s high.
Market sentiment was dominated by speculation over whether Spain was moving closer to requesting fiscal aid from its euro zone partners following a down****e by ratings agency Standard & Poor’s.
S&P cut the country’s credit rating by two notches to BBB-minus with a negative outlook late Wednesday, just one notch above junk status, citing “mounting risks to Spain’s public finances.”
Market participants have been anticipating for the past month that the Spanish government would ask for a full-scale sovereign bailout.
A bailout would allow the European Central Bank to step in and buy Spanish sovereign debt, which would result in reduced borrowing costs for the debt-strapped nation.
But Spain has been reluctant to do so because it may come with conditions on its budget.
Meanwhile, the International Monetary Fund cut its 2012 and 2013 global growth forecasts earlier in the week to the weakest since the 2009 recession.
The IMF warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies.
The greenback found additional support after data on Friday showed that U.S. consumer sentiment rose to its highest level in five years in October, while a separate report showed that producer price inflation rose more-than-forecast in September.
The University of Michigan said that its consumer sentiment index rose to a seasonally adjusted 83.1 from 78.3 in September, the highest level since September 2007.
The data came one day after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits fell by 30,000 to a seasonally adjusted 339,000 in the previous week, compared to expectations for an increase of 1,000.
In the week ahead, markets will continue to continue to focus on whether Spain will formally request a bailout and if international creditors will extend loans to Greece as the country struggles to meet deficit reduction targets.
Meanwhile, the U.S. is to release a flurry of data, including reports on retail sales, manufacturing activity in New York and Philadelphia, initial jobless claims and housing starts, among others.
Ahead of the coming week, Forexpros has compiled a list of these and other significant events likely to affect the markets.
Monday, October 15
The Bank of Canada is to publish its business outlook survey, a leading indicator of economic health.
Meanwhile, the U.S. is to produce official data on retail sales, the primary indicator of consumer spending, which accounts for the majority of economic activity.
In addition, the U.S. is to release data on manufacturing activity in New York state, as well as official data on business inventories.
Tuesday, October 16
Canada is to produce official data on manufacturing sales, a leading indicator of economic health. The country is also to produce official data on foreign securities purchases.
The U.S. is to release government data on consumer price inflation and industrial production. The U.S. is also to produce official data on treasury long-term purchases and the capacity utilization rate.
Wednesday, October 17
The U.S. is to publish government data on building permits, an excellent gauge of future construction activity, as well as data on housing starts, a leading indicator of economic health. The U.S. is also to produce official data on crude oil stockpiles.
Thursday, October 18
Canada is to release government data on wholesale sales, a leading indicator of consumer spending.
The U.S. is to publish weekly government data on initial jobless claims, as well as a report on manufacturing activity in Philadelphia, a leading indicator of economic strength.
Friday, October 19
Canada is to release official data on consumer price inflation, which accounts for the majority of overall inflation.
The U.S. is to round up the week with industry data on existing home sales, a leading indicator of economic health.
Elliott: irregular flat correction down 0.9736
It may attempt a test higher to 0.9801 - 0.9812 after which weakness may set it to a drift down to below 0.9771 limit.
Warning: Harami
Technical points
Key point 0.9787
Entry point 0.9791
Elliott 0.9835
Closing 0.9793
Projection 0.9764
Trendline 0.9809
Trendline 0.9783
Supports / Resistances
Res 2 0.9830
Ex-High 0.9809
Res 1 0.9812
Pivot 0.9790
Sup 1 0.9771
Ex-Low 0.9768
Sup 2 0.9750
Usd/cad technical analysis for 15.10.2012 by using : Auto pivot indicator.
resistance 3:0.9865
resistance 2:0.9838
resistance 1:0.9819
pivot point :0.9792
support 1:0.9773
support 2:0.9746
support 3:0.9727
pair continue to fluctuate around the level of 0.9800, with the stability of the year without him, as it takes SMA 50 negative pressure on intraday trading.
If I look the current candle on H4 time frame, I think USDCAD is trying to reach the resistance level at 0.9804. Then, if USDCAD can break that resistance, this pair may continue going up and may touches or hits the higher resistance level at around 0.9862
Expected trading range for this week between: support at 0.9565 and resistance 0.9945
General tendency is expected for this week: Down
On the 4 hour chart clearly visible medium sloping support level from which several times there was an increase, go long because of it again expect rebound and resume growth.
The whole past week was noted by the flat side, it was also noticeable that the rate above the moving alligator was not allowed and there was a small southern fall, which continues today, is likely to be lower with access to the level of 9633.