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CAD

Recovery in oil prices to keep CAD supported, sell ralliesEUR/CAD hits multi-week lows at 1.4677, bears look relentless, scope for further downside. The pair is being taken down with high volumes, 1.450 next bear target, further downside to see 1.44 levels. Oil prices are seeing a decent recovery from Feb 11th lows of 26.03 and are currently trading at 34.19 levels. The recovery in oil is likely to keep Loonie supported raising scope for further downside in the EUR/CAD. Immediate resistance on the upside is seen at 1.4830 (5-DMA) and then at 1.5022 (10-DMA). Good to sell any rallies in the pair, SL: 1.50, TP: 1.450/ 1.44/ 1.4340
Short
by FxWirePro
AUD/CAD holds channel base support at 0.9615, good to buy dipsAUD/CAD has taken channel base support at 0.9615 and edged higher to currently trade at 0.9705. RSI has turned North from oversold levels and daily Stochs has shown a bullish crossover. Price action is however below the cloud, with cloud base at 0.9741 offering strong resistance on the upside. Breaks below channel base at 0.9615 cloud see next support at 0.9596 (Nov 24th lows) and then 0.9591 (Double bottom - Nov 23rd and 30th). Good to buy dips around 0.9690, SL: 0.9610, TP: 0.9740/0.9780/0.9820 Resistance Levels: R1: 0.9741 (cloud base) R2: 0.9779 (5-DMA) R3: 0.9813 (10-DMA) Support Levels: S1: 0.9615 (channel base) S2: 0.9596 (Nov 24th lows) S3: 0.9591 (Double bottom - Nov 23rd and 30th)
Long
by FxWirePro
NZD/CAD hits 0.8887 (2-mth low), short below 0.8874 (dbl btm)NZD/CAD has broken below strong trendline support at 0.9075 and hit fresh 2-month lows at 0.8887 in today's trade. Next support for the pair lies at 0.8874 (double bottom), breaks below could see downside upto 0.8780 levels. Techs point further downside, RSI and MACD are biased lower. Price action well below the cloud and we see a 5-DMA bearish crossover on 10-DMA. Good to take fresh shorts only on breaks below 0.8874, SL: 0.8950, target: 0.8850/0.88/0.8730
Short
by FxWirePro
1
NZD/CAD upside capped at 0.9226, good to sell ralliesNZD/CAD upside has been capped at 0.9226, pair has edged lower to currently trade around 0.9140. Price action on the 4-hourly charts has dipped below the cloud and 5-DMA, momentum studies are bearish, support further downside. Strong support on the downside is located at 0.9080 (cloud base and Feb 19th low), breaks below could see test of 0.9065 (rising trendline). On the upside 10-DMA at 0.9157 is immediate resistance ahead of 0.9182 (Feb 2nd highs). Good to sell rallies around 0.9150, Sl: 0.92, TP: 0.9080/0.9065/0.9045
Short
by FxWirePro
A Turning Point for USDCAD?The recent risk rally has encouraged commodity currencies higher. As crude ignores the globalized downturn in economic output and ongoing "pump at all costs" mantra of producers, the Canadian dollar has hit a three-month high against the dollar. Crude aside, traders have also factored in the fact that the potential for a rate cut from the Bank of Canada had dropped from 60 to 32 percent. Nevertheless, on a macro-standpoint, the slowdown in both the US and Canadian economies will strengthen; and traders could ditch the loonie for the save-haven greenback. The recent strength in the CAD does allow a more balance, two-way market. We are likely to see the USDCAD continue trending lower until risk appetite wanes. Price action has broken the upward trend that has lasted since May 2015. Support at 1.34 will likely be challenged prior to testing the 200-day EMA. The 20-day EMA has bearishly crossed the 50- and about to cross the 72-day EMA. The only problem I see with the current down move is: volume is increasingly dropping off and the pair is no longer overbought on longer time frames. This could cause traders to re-enter longs if the risk environment wanes causing a move back to 1.3770. Sentiment around crude and equities will remain important. Please feel free to comment and share charts! And follow me @Lemieux_26 Check my posts out at: bullion.directory www.investing.com www.teachingcurrencytrading.com oilpro.com
by CommoditiesTrader
1
Look For A Solid EURCAD Short SetupLook for a short trade setup in EURCAD over the next two days, preferably on Feb 22nd around 13:00 GMT or Feb 23rd around 17:00 GMT. Price should stall out around the 50% Fibonacci retracement which coincides with the 3rd square root from the most recent low of 1.51402 set on Feb 18th. Should EURCAD run up to these levels it could stall out presenting a nice short opportunity around 1.55274. A stop of 231.0 Pips, the average true range, could be used as your stop, more aggressive traders may want to use a stop of 1.5x to 2x the average true range. After getting short look for a move back down to 1.53230 - 1.52600 area yielding a solid return. Here at Unique Forex we combine our team's 40+ years of trading experience with our proprietary algorithm to significantly enhance the trading experience. Utilizing the two, we are able to offer some of the most powerful research on an array of currency pairs. Here you will get all of our research on some of the more popular majors like the EURUSD, but if you would like to get access to the rest of our research head over to www.unique4xpro.com If you want to join our trading team check out www.unique4xpro.com Also follow us on all of our social media: Twitter @unique4x Snapchat @uniqueforex Instagram @uniqueforex Tune in to our daily live market insight @ 4:30 p.m. EST on Periscope and Meerkat both @unique4x
Short
by unique4x
9
Expect Volatility In USDCAD As Oil Is The Big QuestionStrong volatility. • USD/CAD has been very volatile over the past few days. A bearish bias is still favored. Current price action is following old downtrend. Hourly support is located at 1.36392 (04/02/2016 low) and hourly resistance can be found at 1.3911 (16/02/2016 high). Expected to see further rebound. • In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Strong resistance is given at 1.4948 (21/03/2003 high). Support can be found at 1.2832 (15/10/2015 low) then 1.1731 (06/01/2015 low). Here at Unique Forex we combine our team's 40+ years of trading experience with our proprietary algorithm to significantly enhance the trading experience. Utilizing the two, we are able to offer some of the most powerful research on an array of currency pairs. Here you will get all of our research on some of the more popular majors like the EURUSD, but if you would like to get access to the rest of our research head over to www.unique4xpro.com If you want to join our trading team check out www.unique4xpro.com Also follow us on all of our social media: Twitter @unique4x Snapchat @uniqueforex Instagram @uniqueforex Tune in to our daily live market insight @ 4:30 p.m. EST on Periscope and Meerkat both @unique4x
Short
by unique4x