Hi
USD/CAD has been carving out a range since last July, and given the generally strong USD environment it may be ready to begin a sustainable trend. Recent behavior backs this notion up with price action strengthening.
The area around 12950 up to just over 13000 has been a tough one for USD/CAD to overcome, with the 12950 level having been in play since the end of 2019. There was a brief break in the middle of May, but short-lived before another big swoon lower furthered along the range.
What has transpired in recent weeks has been of interest. Another run tried to develop last month, and while it failed, a low was quickly put in at a much higher level that at any time before. This suggests that resistance is starting to lose its impact and a shift towards higher levels is beginning.
A breakout into the 13100s holds will be key. This will start to get USD/CAD firmly into higher territory outside of the range. If we see this develop soon, a trend towards the 2016 and 2020 highs over 14600 looks like it could be in the works. It seems like a long way from here, but given the high-vol regime we are in it could come much faster than one would expect.
On the flip-side, if we see recent strength give way to selling it will be important to see price hold up above 12819. Otherwise, if that doesn’t hold look for more of the same old range, with a move back towards 12500 or worse developing.
Source : DailyFX
USD/CAD has been carving out a range since last July, and given the generally strong USD environment it may be ready to begin a sustainable trend. Recent behavior backs this notion up with price action strengthening.
The area around 12950 up to just over 13000 has been a tough one for USD/CAD to overcome, with the 12950 level having been in play since the end of 2019. There was a brief break in the middle of May, but short-lived before another big swoon lower furthered along the range.
What has transpired in recent weeks has been of interest. Another run tried to develop last month, and while it failed, a low was quickly put in at a much higher level that at any time before. This suggests that resistance is starting to lose its impact and a shift towards higher levels is beginning.
A breakout into the 13100s holds will be key. This will start to get USD/CAD firmly into higher territory outside of the range. If we see this develop soon, a trend towards the 2016 and 2020 highs over 14600 looks like it could be in the works. It seems like a long way from here, but given the high-vol regime we are in it could come much faster than one would expect.
On the flip-side, if we see recent strength give way to selling it will be important to see price hold up above 12819. Otherwise, if that doesn’t hold look for more of the same old range, with a move back towards 12500 or worse developing.
Source : DailyFX
Comment:
Canada Exports climbed from previous $64.31B to $68.44B in May .
Comment:
Canada Imports rose from previous $62.81B to $63.11B in May
Comment:
USD/CAD could fall back to 1.2900 or see selling pressure until it dips back to the 1.2950 July support.
Comment:
USD/CAD TRIPLE TOP
USD/CAD has now had three resistance inflections at the 1.3077 spot over the past couple of months. When it came into play on Tuesday, buyers were able to budge just a little further than the previous hit a few weeks earlier, giving the appearance that there’s started to show some bend at that resistance that, as yet, hasn’t quite broken.
Prices are pulling back after that failed breakout and we’re currently seeing some support around the 14.4% Fibonacci retracement of the recent move. But, if sellers continue pushing today, we may end up with an evening star formation which would highlight greater bearish potential.
On a longer-term basis, that double top remains as a possible theme until resistance is broken-through at 1.3077. The neckline for the formation is all the way down around 1.2518 so that’ll take some time to come into the picture but, nonetheless, it remains as relevant until the formation is negated.
Tomorrow brings CAD jobs at 8:30 AM ET alongside the Non-farm Payrolls report, so matters can get messy here tomorrow morning .
Source : DailyFx
USD/CAD has now had three resistance inflections at the 1.3077 spot over the past couple of months. When it came into play on Tuesday, buyers were able to budge just a little further than the previous hit a few weeks earlier, giving the appearance that there’s started to show some bend at that resistance that, as yet, hasn’t quite broken.
Prices are pulling back after that failed breakout and we’re currently seeing some support around the 14.4% Fibonacci retracement of the recent move. But, if sellers continue pushing today, we may end up with an evening star formation which would highlight greater bearish potential.
On a longer-term basis, that double top remains as a possible theme until resistance is broken-through at 1.3077. The neckline for the formation is all the way down around 1.2518 so that’ll take some time to come into the picture but, nonetheless, it remains as relevant until the formation is negated.
Tomorrow brings CAD jobs at 8:30 AM ET alongside the Non-farm Payrolls report, so matters can get messy here tomorrow morning .
Source : DailyFx
Trade closed manually
Comment:
Entry : 1.2930
TP 3 : 1.2900
SL : 1.2960
Entry : 1.2910
TP 4 : 1.2870
SL : 1.2940
TP 3 : 1.2900
SL : 1.2960
Entry : 1.2910
TP 4 : 1.2870
SL : 1.2940
TP 1 : 1.2950
SL :1.3050
Entry : 1.12950
TP 2 : 1.2930
SL :1.2970
Entry : 1.2930
TP 3 : 1.2900
SL : 1.2960
Entry : 1.2910
TP 4 : 1.2870
SL : 1.2940