Thread: Usd/Cad
The US dollar has achieved a historic victory in front of his Canadian dollar and reached to March 2009 levels, which collapsed, including prices of more than 3,500 points over the 6-year-old did not reach the resistance above the psychological support at 1.3000 where he achieved the summit at a price of 1.3023 near the summit for the year 2009 from 1.3063 price is very important .
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USDCAD
Price: 1.3038 July 22 20:31
Movement: 92.1 Pips (0.71%)
pivot
Support: 1.2862
Pivot: 1.2958
Resistance: 1.3054
Technical indicators
Short Term: 80% Buy
Mid Term: 100% Buy
Long Term: 100% Buy
Recommendation: 96% Buy
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SMA 50 continues to support the proposed bullish wave, which present the following objectives around 1.3235, while represents stability above 1.2830 is a prerequisite for continuation.
Expected trading range for today between 1.2900 support and 1.3100 resistance scale
General tendency is expected for today: UP
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It gave the US dollar versus loonie some negative trading yesterday to close to the test barrier 1.2900, enabling Stochastic rid of passivity and gain positive momentum on the time frame of four hours, to support opportunities bounce price up to resume the upward trend again.
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For the dollar Canadian markets saw last Friday the release of both the monthly reading of the consumer price index, which has achieved low as expectations of 0.6% to 0.2% and also cpi index basic its value, which achieved a growth rate of 0% similar to the expectations observed decline of 0.4 % to -0.1%, as the market awaits today at 12:30 issuance of monthly reading for wholesale sales and is forecast to achieve decline of 1.9% to 1.1%.
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pair- usd/cad
time frame- m15
technical analysis-
the price is making double bottom chart pattern with having support at 1.2951 level and nick line of resistance at 1.3000 level. the price is rejecting up movement but if move above the resistance at 1.3010 level then long with stop loss at 1.2960
good luck.
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In general, the upside scenario remains intact and effective price above the level of 1.2830, supported moving average 50, with attention to the negative stochastic indicator now, the price has to provide some temporary side pays trading ahead of the expected resumption of the bullish tendency.
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Being the US dollar versus loonie test of the 1.3000 level now, where the rate needs to breach this level to confirm the extension of the bullish wave towards our next major who resides at 1.3235.
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This pair still performing very well this week and its very good to trade in this pair at this moment at try to be away from EUR pairs which is very risky . but the USDCAD si very bullish and its exepted to contunie in bullish direction in the next few days.
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Negative current Stochastic could push the price of some temporary fluctuation before resuming the side expected to rise, which requires the stability of trading above 1.2830 levels and 1.2700 to maintain chances of continuation.
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