Hello everyone , as we all know the market action discounts everything :)
The USD/CAD pair looking to be bullish with the completion of a cup and handle with confirmation last week where the market price jumped up the resistance level at 1.24788,The USD/CAD jumped on Monday rising 1.2% after increasing 1.3% last week .The trend seems to be getting move momentum as time goes by at least for the next week or 2.
The US Dollar Index (DXY) was able to cross above the resistance at 92.80. The next step would be the resistance at 93.10. If the US Dollar Index gets to cross that, we will see the USD/CAD getting more support.
by using different indicators we were able to confirm this bullish movement where we see that :
1_The market price at 1.27411 trending above both the MA (1.23675) and the EMA (1.24432) (bullish sign)
2_The RSI at 59.70 showing strength in the market as it gains more momentum and no divergences were found (bullish sign)
3_The ADX at 35.79 showing that the market is trending with a positive cross over between DI+ and DI- , where DI+ at 25.48804 and DI- at 16.30824 (bullish sign)
Support & Resistance points :
support Resistance
1_ 1.2486 1_1.2679
2_ 1.2361 2_1.2747
3_ 1.2293 3_1.2872
Fundamental point of view :
The USD/CAD rallied on Monday breaking out and hitting highs not seen since February. The dollar was broadly higher against most major currencies as fears of the Delta variant of the COVID virus weighed on riskier assets. U.S. yields declined sharply and stocks fell, which gave the greenback a safe haven bid. The economic highlight of the week for Canada is the May retail sales report on Friday, which is expected to be weak. On Monday, the National Association of Home Builders reported a dip in their July index to 80. The index hit a record high of 90 in November of last year. Of the index’s three components, current sales conditions fell 1 point to 86. Buyer traffic declined 6 points to 65, and sales expectations in the next six months rose 2 points to 81.( According to FXEMPIRE )
_____________________________________________Make sure to Follow and Like for more content_____________________________________________
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
The USD/CAD pair looking to be bullish with the completion of a cup and handle with confirmation last week where the market price jumped up the resistance level at 1.24788,The USD/CAD jumped on Monday rising 1.2% after increasing 1.3% last week .The trend seems to be getting move momentum as time goes by at least for the next week or 2.
The US Dollar Index (DXY) was able to cross above the resistance at 92.80. The next step would be the resistance at 93.10. If the US Dollar Index gets to cross that, we will see the USD/CAD getting more support.
by using different indicators we were able to confirm this bullish movement where we see that :
1_The market price at 1.27411 trending above both the MA (1.23675) and the EMA (1.24432) (bullish sign)
2_The RSI at 59.70 showing strength in the market as it gains more momentum and no divergences were found (bullish sign)
3_The ADX at 35.79 showing that the market is trending with a positive cross over between DI+ and DI- , where DI+ at 25.48804 and DI- at 16.30824 (bullish sign)
Support & Resistance points :
support Resistance
1_ 1.2486 1_1.2679
2_ 1.2361 2_1.2747
3_ 1.2293 3_1.2872
Fundamental point of view :
The USD/CAD rallied on Monday breaking out and hitting highs not seen since February. The dollar was broadly higher against most major currencies as fears of the Delta variant of the COVID virus weighed on riskier assets. U.S. yields declined sharply and stocks fell, which gave the greenback a safe haven bid. The economic highlight of the week for Canada is the May retail sales report on Friday, which is expected to be weak. On Monday, the National Association of Home Builders reported a dip in their July index to 80. The index hit a record high of 90 in November of last year. Of the index’s three components, current sales conditions fell 1 point to 86. Buyer traffic declined 6 points to 65, and sales expectations in the next six months rose 2 points to 81.( According to FXEMPIRE )
_____________________________________________Make sure to Follow and Like for more content_____________________________________________
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.