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CAD

Consolidation in AUD/CAD likely before next leg higherAUD/CAD upside halts at stiff trendline resistance by 0.9970, break above needed to resume upside. The pair has broken above 78.6% Fib of 1.0054 to 0.9324 fall, as it extends upside along the 'Cup' formation. Aussie under pressure from weak Australia consumer confidence and Chinese trade data. Somewhat upbeat Australia’s employment report left Aussie bulls largely unimpressed. Focus now remains on Q2 CPI data on 27th July which is crucial for the RBA and the market. The pair now finds support on the downside at 0.9817 (23.6% Fib of 0.9324 to 0.9970 rally). Break below will see next support at 0.9723 (38.2% Fib). We expect consolidation at current levels, before next leg higher. Weakness could resume only on break below 0.9720 levels.
by FxWirePro
Watch for AUDCAD breakout above 61.8% Fib for test of 0.99 levelAUD/CAD is extending its gradual grind higher, as the price action tries to complete a 'Cup' formation. Momentum studies are bullish. RSI strength seen at 64 and MACD is biased higher. Upside currently halts at 61.8% Fib of 1.0054 to 0.9324 fall, breakout could see the pair test parity. On completion of the 'Cup' we would wait for some downside before the next move higher. Weakness only below 0.96 (38.2% Fib), break below could drag the pair to 0.93 levels.
Long
by FxWirePro
USD/CAD breaks above 100-DMA, good to buy on dips USD/CAD jumped to a high of 1.3090 on Friday before trimming gains to end the day at 1.3036 levels. The pair has broken major resistance at 1.3000 (100-DMA), scope for further gains on charts. Oil edges lower on the day, ignores bullish comments from Saudi oil minister, keeps CAD subdued. Momentum studies for the pair are bullish. 1.3090 (Friday’s high), above which the pair could target 1.3107 (June 28 high), 1.3121 (June 27 high) and then 1.3189 (May 24 high). Weakness only on break below 1.2986 (23.6% Fib of Jan to May fall), test of 1.2931 (50-DMA) then likely. US and Canada data docket is empty today, focus on overall sentiment across markets and the oil price movements. Good to buy dips around 1.3020/30, SL: 1.2985, TP: 1.3090/ 1.31/ 1.3120/ 1.3190
Long
by FxWirePro
$USDCAD | Targets Defined | Speculative Wolfe Wave & GEOHello Traders, I first want to point out that the Wolfe/Geo' in this chart remains purely speculative. One cannot predict a Wolfe/Geo' forming unless points 1-2-3 and 4 have been created. Here are the reasons I have put a potential outline for this WW. 1. To the left of the chart is a completed ab=cd pattern. Notice how point 'a' is not actually on a point? That is because I use the cd leg to define point a. You can notice this in my other posted charts as well. This is a cool trick you can use to define points 1 and 2 of your WW. 2. In the middle of the chart is a larger AB=CD pattern. Just like points 1 and 2, you can typically define points 2 and 3 with another AB=CD pattern. The rest of the WW/Geo' remains to be seen. For now I have defined a target of 1.33346. Pay attention to the AB=CD pattern int he background as well. Once this level is reached I will look for a potential RETRACEMENT in price. I say retracement because that is what will define point 4. After point 4 of course is point 5, which is also define by an even larger AB=CD pattern. Where will that pattern point to? That remains to be seen. Best, Chartistry
by GWaves
3
eurcad -- bullish, but not yet broken outStrong move up today but price still hasn't broken out. Gyrations are still in 3s, so it's possible we are forming a triangle or a flat for a few days of sideways action. This is only an idea as we don't yet have a breakout to work with, and movements are in 3s so far. Wednesday 13/7 is the BOC announcement, so this is one idea to consider if we don't break out today or before then. I've drawn an example of a time-wasting triangle. The other possibility is a flat correction which would see a move below 1.43x.
Long
by ezodisy
1