Post Tagged with: "USD/CAD Technical Analysis"

Canadian dollar extends gradual recovery thanks to trade balance surprlus

USD/CAD almost made it to the very round level of 1.10, but its fate changed in the US session, with the strong trade balance.

On the hourly chart, it already looks like more than a correction but rather a significant change of direction. However, there still is a long way for the loonie to recover and it in the bigger scheme of things it could just be the necessary correction on the way to 1.10.

Read the rest of the article Canadian dollar extends gradual recovery thanks to trade balance surprlus
USD/CAD Forecast Aug. 4-8

USD/CAD Forecast Aug. 4-8

The Canadian dollar continued its losing ways last week.  The currency lost about a cent, as USD/CAD closed the week above the 1.09 line. There are five major releases this week, highlighted by Employment Change. Here is an outlook on the major events and an updated technical analysis for USD/CAD. Canadian inflation and GDP numbers were solid last week, [&hellip

USD/CAD trading in an ascending channel in the 4 hour chart

USD/CAD trading in an ascending channel in the 4 hour chart

The Canadian dollar has lost a lot of ground against the US dollar in the last few days. The USDCAD pair recently traded as high as 1.0868. However, we need to be very careful moving ahead, as the pair is approaching a major resistance area, which might result in a pullback in the pair. There [&hellip

USD/CAD Forecast July 28-Aug. 1

USD/CAD Forecast July 28-Aug. 1

The Canadian dollar sagged on Friday, as USD/CAD pushed above the 1.08 level, closing at 1.0803. On the release front, it’s another quiet week, with only two events. Here is an outlook on the major events and an updated technical analysis for USD/CAD. Canadian retail sales were a mixed bag and had little effect on the pair. In [&hellip

Canadian dollar crashing down – USD/CAD > 1.08

Canadian dollar crashing down – USD/CAD > 1.08

The Canadian dollar continues its journey south, mostly suffering from the strength of the US dollar. This is the highest level since May. USD/CAD shot above the 1.08 level after breaking earlier above resistance at 1.0750 and stopping only for a short pause. The pair reached a high of 1.0813 before cooling and sliding back below [&hellip

USDCAD: Vulnerable, Faces Corrective Pullback

USDCAD: Vulnerable, Faces Corrective Pullback

USDCAD: Having continued to hold below the 1.0793 level, our bias remains lower on pullbacks. On the downside, support is seen at the 1.0600 level where a break will aim at the 1.0550 level. Further down, support comes in at the 1.0500 level and then the 1.0450 level. On the upside, resistance resides at the [&hellip

USD/CAD: Trading the Canadian Employment Change

USD/CAD: Trading the Canadian Employment Change

The Canadian employment change is an important leading indicator which has a significant impact on the markets. Traders and analysts carefully scrutinize employment figures, and a reading higher than forecast is bullish for the loonie. Update: USD/CAD leaps on weak Canadian employment data Here are the details and 5 possible outcomes for USD/CAD. Published on Friday at 12:30 [&hellip

USD/CAD: Long-Term Trend Line In Play; Will It Break?

USD/CAD: Long-Term Trend Line In Play; Will It Break?

Technical Bias: Neutral Key Takeaways • US dollar continues to struggle against the Canadian dollar despite strong labor data. • USDCAD pair testing long-term trend line, and struggling to hold the same. • USDCAD support seen at 1.0620 and resistance ahead at 1.0720. The Canadian dollar managed to correct against the US dollar this past [&hellip

USD/CAD Forecast July 7-11

USD/CAD Forecast July 7-11

The Canadian dollar was almost unchanged last week, as USD/CAD closed at 1.0650. This week’s highlights are Building Permits, Ivey PMI and Employment Change. Here is an outlook on the major events and an updated technical analysis for USD/CAD. US employment numbers sparkled last week, led by Nonfarm Payrolls, which hit 288 thousand. As well, the Unemployment Rate dipped to 6.1%. Canadian GDP posted [&hellip

USD/CAD: Triggers Corrective Recovery

USD/CAD: Triggers Corrective Recovery

USDCAD: With USDCAD triggering a correction during early trading today, further upside could be seen in the days ahead. However, broader bias still points lower in the medium term. On the downside, support lies at the 1.0600 level where a break will aim at the 1.0550 level and then the 1.0500 level. Further down, support [&hellip