FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar
1649 23 46
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-1 Reply
ChatchaiVong SignalSwiss
thank so much, i can not register web (nonsolotrading.com) , error , The answer given for the random question was incorrect.
SignalSwiss SignalSwiss


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The relentless selling of commodities currencies continued today with the Canadian and Australian dollars falling to fresh multiyear lows. AUD was hit the hardest, dropping more than 1% but the biggest milestone was reached by CAD which hit a 10 year low. Since the beginning of the year, both of these currencies lost more than 11% of their value versus the dollar and the dynamics that have driven today's decline also spells trouble for Australia and Canada's economy going forward. The big story overnight was the sharp slowdown in Chinese manufacturing activity. According to the Caixin report, which was formerly HSBC, Chinese manufacturing contracted at its fastest pace in 15 months. For the last 2 weeks investors were able to take their minds off of China with the Shanghai Composite Index turning around but with today's report, the fear of a deeper contraction in the Chinese economy has returned. When Chinese stocks were collapsing earlier this month every one suspected that China's economy would be hit hard but the government restored confidence by massaging the data. Caixin is a private gauge that tends to provide a much more accurate assessment of the economy. Clearly the industrial sector is suffering and chances are more weakness is likely as the slide in Chinese stocks takes it toll on the economy. For AUD/USD and USD/CAD this means the potential of further losses especially if the Fed is hawkish next week. However it is important to remember that the weakness of these currencies will create support for these economies. The Canadian dollar is at its cheapest level in 10 years and that will encourage more tourism and trade activity with the U.S. Resistance in USD/CAD is at 1.3350 and support in AUD/USD is at 70 cents.
+1 Reply
IvanLabrie SignalSwiss
Excellent breakdown, thanks for sharing your insights here.

I agree on the s/r levels, we might see a retracement soon, but I suspect that the trend will remain down in the longer term.
SignalSwiss IvanLabrie
Hi Ivan, I think it's hard to see the pair below 1.25 in the medium to long term. Technically, the cross has not yet reached its target upward and the fundamental point of view, I think that the agreement with Iran will still hold down the price of WTI... I will see .... :)
What pattern is this?
+2 Reply
hi riskmode, it's a "butterfly sell"...
USDCAD: Video Analisi (italian only): https://www.youtube.com/watch?v=_EkQSUS4tcY
+2 Reply
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