NZD CAD SELL (NEW ZEALAND DOLLAR - CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Watch strong price action at the current price for sell.
Loonie
USDCAD Inverse Head And Shoulders pattern could have been shapedCombination of valleys where the central one is lower than the left and the right troughs shapes the Inverse Head and Shoulders pattern.
Its a reversal pattern. Upside move should appear.
Watch Neckline to be broken for confirmation.
Target is equal to the depth of Head added to the Neckline breakout point.
EUR CAD BUY (EURO - CANADIAN DOLLAR)Hi there. Price is forming a reversal pattern to change its direction. Watch strong price action at the current price for buy.
CAD faces downside risks ahead of dataBy Andria Pichidi - February 8, 2019
Canada’s job market is expected to show another modest increase to start the year, after the 78.4k surge in November gave way to a 7.8k rise in December. Canada employment should expand 10.0k in January. The unemployment rate on the other hand, is expected to nudge higher to 5.7% in January, from the 43-year low 5.6% in November and December. Earnings growth is expected to remain subdued, adding to the softening inflation backdrop, well below the 3.9% pace in May of 2018, at 0.4% m/m in January.
The risk for today’s data is to the downside, as January’s data so far showed a constrained Canadian economy to begin 2019, based on consumer and factory sentiment.
As the risk is for a negative print for total jobs to begin 2019, Canadian dollar could continue depreciated. USDCAD is up for a fifth consecutive day, today printing a 13-day high at 1.3328 , extending a recovery from last Friday’s 3-month low. The up phase has been concomitant with a down phased in oil prices, while sustained gains in crude prices are a boon to Canada’s terms of trade, and vice versa.
Overall, USDCAD is strongly supported by 200-day SMA since April. Hence long term Support holds at 1.3126 (200-day SMA), while the 20-day SMA and PP of the day provide immediate Support levels at 1.3240 and 1.3275 respectively.
Resistance holds at 1.3363-1.3375 area , presenting the area between the 50% retracement on the decline seen since 1.3660 high and January’s peak. In the scenario of disappointing jobs data today, the pair could seen reaching this area. Further gains, could lead to the 61.8% Fib. level at 1.3430 level. At this level we could face a correction lower.
From the Market perspective, a damp jobs report could underpin expectations that the BoC is stuck on the sidelines until 2020. However, BoC’s view that the current (and Q4) slowing is temporary has been supported by the recent data, as opposed to the data showing a more pronounced slowing in growth than the Bank anticipated.
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Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
EUR CAD BUY (EURO - CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Watch strong price action at the current price for buy.
AUD CAD BUY (AUSTRALIAN DOLLAR - CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Watch strong price action at the current price for buy.
USD/CAD is an obvious sell...Right?? Longer term outlookFirst, my preferred time frame is NOT the weekly, as it takes a great deal of patience to stick with your trade plan. However, I deem it important to understand the larger picture for this pair.
The bears have been on a tear this month and I expect that to continue, albeit temporarily. DO NOT lose sight of the bigger picture, this pair is still clearly on a monthly/weekly uptrend.
Following three continuous weeks of rejection @ the 1.3350 zone (lower red), the highest probability move from the current price level is down. Once (if) price reaches the 1.228 demand zone (green), I expect a strong move up. However, if this level is clearly broken AND smashes through previous resistance levels (purple lines), this could signal a major trend reversal and monster move down.
Keep in mind this a weekly chart ( I know, zzzzz) and may take 1-2 years to manifest.
We have a busy week ahead for the USD on the fundamental front which leads me to an alternative third scenario - a sharp move up from current price levels on better than expected USD news. Although unlikely, it is still a real possibility. Powell's speech will be key here, as I believe dovish sentiment is already priced in.
The Loonie has an uneventful week on the news front but a monthly GDP report on Thursday can provide some volatility and insight.
One more thing, much has been made about oil's negative correlation with this pair. Now, I heed caution at putting too much weight on correlation but since September, the two pairs have been closely correlated negatively. WTI futures is on the cusp of breaking a major level with huge potential upside.
In summary, the most likely move is down from current price levels. Therefore, I am bearish short-term. When and if price approaches the green demand zone, I expect a sizable move up in accordance with the longer term trend. If price breaches the green demand zone with conviction, be on the lookout for more downward pressure.
GBP CAD BUY (POUND STERLING – CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
USD CAD SELL (US DOLLAR – CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
UCAD looking for peak Supply before continuationUCAD staircasing its way up to the supply Zone in a loose ABCD formation, dont sell it now there are plenty of reasons to sell it in the peak supply area instead.
H & S Pattern on Daily WTI US OIL Chart. Oil Rally Ahead ?We are already shorting the USDCAD that is driven mostly by the prices of OIL. the chart just confirms that US OIL is set make significant gains soon as the head and shoulders patterns is nearly set for completion. Should the pattern complete we can expect the USDCAD to fall as well to around 1.3000 level.
Its a great opportunity to trade OIL at the moment however let the neckline break and the daily 50 EMA too and let the price retrace slightly before going LONG on this commodity. have a look at the related link to the trade and analysis behind the OIL related USDCAD Pair.
cheers
EURCAD Awaits Support Or Resistance Break. SHORT Trade FavorableCurrently trading southwards the EURCAD is trading between two crucial levels represented by the red horizontal lines in the main chart. At the Moment nothing can be said as to where the price could be headed next although trend continuation southwards is a more likely scenario.
Price may either reach the crucial support of 1.5000 level and from there on it might break the support or bounce back up towards the nearby resistance that lies at 1.55000.
If we are talking for the price to bounce off the 1.50000 level then its advisable for the clear reversal price action pattern to develop to confirm this up move. on the flip side if the support breaks then in this the same price action continuation scenario may be applied. This all a swing trade opportunity that needs patient as the price action will give clear pictures in the coming week. however for the day trading scenario have a look at the snapshot below
It represents the daily charts of the EURCAD, where the price action has been supported by a rising trendline and should the trendline break it will most likely target the next trendline thats underneath the current one. However this is just a day trading opportunity and should the conditions meet i will post the entry and exit criteria in the new thread
The above just represents my personal analysis on the pair. shall there be any signal in the near future i will post them in the new thread. cheers
NZD CAD BUY (NEW ZEALAND DOLLAR – CANADIAN DOLLAR)Hi there. Wait for the price to form a continuation pattern and watch strong price action for buy.
EUR CAD SELL (EURO – CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
USD CAD SELL (US DOLLAR – CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
USDCAD [Intraday] BOC buy the rumors sell the facts ?It's Bank of Canada day ;)
Hike is expected by the Mr Market
In my opinion it's big "if", even if they hike it will be dovish hike.
So I do expect lower levels ahead of or right after ( stop hunt ) and then higher prices towards 1,35.
Invalidation of that bullish view with daily close below 1,3150.
USDCAD: Loonie to rally with oil recoveryUSDCAD may get some dip buying (perhaps after NFP?) before dropping further
GBP CAD SELL (POUND STERLING – CANADIAN DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
USD CAD SELL (US DOLLAR – CANADIAN DOLLAR)Hi there. Price has moved impulsively to the downside from the top of the weekly continuation pattern. Now, wait for the price to form a continuation pattern on lower time frame and watch strong price action for sell.
Loonie looks ready to shift in outlookUSDCAD has dropped for a second straight day, putting in some more distance from the 20-month peak that was seen at 1.3663. A rise in oil prices amid a revival in risk appetite in global markets has helped the Canadian Dollar, while US Fed funds futures have now priced out Fed tightening expectations for 2019 and are factoring in a 25 bp rate cut at the 18-month horizon.
USDCAD has descended into two-week low territory under 1.3431 . The early December low at 1.3160 provides a downside waypoint. Immediate support is set at S2 at 1.3350 , which coincides with 50-day EMA. Resistance for today is set at 1.3495 (4 consecutive session peak in the 4 hour chart). In the long-term Resistance stands at the 2018 peak, at 1.3663 .
Focus today will be on the dual releases of the US and Canadian jobs reports for December. The US version is expected to show a 205k headline rise (median 177k), with the unemployment rate ticking down to a new cycle low of 3.6% from 3.7% in the prior three months.
On balance, the data should be supportive of USDCAD.
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
AUDCAD ready to melt?Price pattern looks to have formed a Head and Shoulders pattern, and price looks firm to start breaking down.
On the 4H, Daily and Weekly charting, price action is signalling a bearish stance, especially with weekly charting showing weakness in any upward momentum. This may be a long swing trade which is also very dependent on any updates about the ongoing trade war.
Using the Fib. retracement tool, it seems that the 50% and 61.8% fib. level coincides fairly well with my targets.
TP 1 @ 0.94300 range, and TP 2 @ 0.93600 range.
Always wait for a good confirmation candle (i.e. strong bearish candle) as a decisive factor to enter any trade. Likewise, manage your risk as well and cut short losing trades.
Disclaimer: Content discussed is for informational purposes only and does not construe an offer or solicitation to engage in any activity regarding the subject matter.
USDCAD daily reviewThe US Dollar is trading in a triangle-like formation pattern against the Canadian Dollar. The currency pair tested the lower boundary of the triangle pattern at 1.3340 during Friday’s trading session.
Currently, the exchange rate is trading near the bottom border of the pattern and could be set for a breakout.
If this breakout occurs, the currency exchange rate will likely target a swing low of 1.3320 within this trading session.
On the other hand, if the support level formed by the 100-hour SMA and the weekly PP at 1.3374 holds, the rate will move north towards the 1.3419 mark.
