USDCAD Price Analysis – August 6 USDCAD is climbing up through a parallel channel to make up for lost prices. The market ended the year 2020 on a bearish note, which spiraled into this year. Price continuously bounced downward till it got to the 1.20300 key level on the 11th of May 2021, where the […]
Key resistance: 1.2530 Key Support: 1.2490 – 1.2440 After rejecting the 1.2800 level on July 19th, the USDCAD dropped 3% to retest the 1.2400 level. The impulsive moves in this market are bearish and I have been waiting for an opportunity to short on relative strength (pullback) Yesterday I tried to short at the retest […]
USDCAD Price Analysis – August 12 Bears cancel out bulls on USDCAD to leave the market hanging in the balance. The bulls forged the market into a cup and handle formation, which was a reversal technique to push price up. This activity spanned 60 trading days from the 21st of April to the 14th of […]
USD/CAD is trading in the red on the H4 chart at 1.1516. It has dropped as the Dollar Index has slipped lower from 92.35 today’s high. DXY’s further decline after the US data release could bring further drop in USD/CAD. Technically, USD/CAD is still expected to drop despite the most recent rebound. The price has […]
USDCAD Price Analysis – August 4 USDCAD pushes up after employing the cup and handle formation. The market used this formation to effect a reversal in the market direction after a long period of downtrend movement which dates back to last year. Price kept making lower highs and lower lows consistently. This continued till the […]
USDCAD: The most recent employment data from Canada showed that employment increased by 231,000 (+1.2 percent) in June, following a two-month fall of 275,000. Part-time work accounted for all of the job growth, which was concentrated among young people aged 15 to 24. The unemployment rate was 7.8%, with a 61,000 decrease in the number […]
Key Resistance Levels: 1.4200, 1.4400, 1.4600Key Support Levels: 1.1900, 1.1800, 1.1700 USD/CAD Price Long-term Trend: BearishSince July 20, USD/CAD has been in a downward move. The market is declining and reaching bearish exhaustion. Meanwhile, on July 22 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will […]
Key Support: 125.50 Key Resistance: 1.2610 – 1.2750 The USDCAD has pulled back -2.2% from last week’s highs right to the 50% and the low of the bullish structure. Price is currently trapped inside of a range below the weekly pivot whilst printing good bullish divergence should this be the next higher low. Last week/this […]
As crude oil prices rose in the past year, the USDCAD rate has declined. Canada is an oil export-oriented country and the price of oil affects the price of the Canadian dollar. Hence, USDCAD trades in inverse proportion to oil. In June, the pair split from oil as the two assets started moving in the […]
