The US Dollar has lost 2.47% of its value against the Canadian Dollar since the middle July 20. The declined started after the currency pair reversed from the upper boundary of a medium-term descending pattern. The pair has reached the bottom border of the descending channel.
Given that the USD/CAD currency pair has been moving in a falling wedge, it seems that this movement is likely to continue today. However, since the price has diminished in range, a breakout is likely to occur soon.
Technical indicators point to further decline for the currency exchange rate within this trading session.
Given that the USD/CAD currency pair has been moving in a falling wedge, it seems that this movement is likely to continue today. However, since the price has diminished in range, a breakout is likely to occur soon.
Technical indicators point to further decline for the currency exchange rate within this trading session.
Comment:
Strong bearish momentum was introduced in the market on the USD/CAD currency pair during the end of Wednesday trading session. As a result, the US Dollar lost 112 base points or 0.85% against the Canadian Dollar.
After reaching near the 50.00% Fibonacci retracement level, the exchange rate pullback. This retracement can be measured by connecting the low at 1.2963 and the July 19 high at 1.3290.
Technical indicator flashes strong buy signal on the weekly time-frame. However, a strong resistance formed by the combination of the 55-, and 100-, and 200– hour SMAs could pressure the rate south within this session.
Strong bearish momentum was introduced in the market on the USD/CAD currency pair during the end of Wednesday trading session. As a result, the US Dollar lost 112 base points or 0.85% against the Canadian Dollar.
After reaching near the 50.00% Fibonacci retracement level, the exchange rate pullback. This retracement can be measured by connecting the low at 1.2963 and the July 19 high at 1.3290.
Technical indicator flashes strong buy signal on the weekly time-frame. However, a strong resistance formed by the combination of the 55-, and 100-, and 200– hour SMAs could pressure the rate south within this session.
Comment:
The Greenback continues to gain strength against other major currencies, and the Canadian Dollar was no exception. The currency pair bounced off its lower boundary of an ascending channel on Thursday and as a result, the pair breached the 61.80% Fibonacci retracement level.
The bullish momentum continued on Friday. However, after reaching the 50.00% Fibonacci retracement level, the exchange rate began to decline. This retracement can be measured by connecting the low at 1.2963 and the July 19 high at 1.3290.
By and large, it is likely that this bullish sentiment could continue during the following trading session.
The bullish momentum continued on Friday. However, after reaching the 50.00% Fibonacci retracement level, the exchange rate began to decline. This retracement can be measured by connecting the low at 1.2963 and the July 19 high at 1.3290.
By and large, it is likely that this bullish sentiment could continue during the following trading session.
Comment:
Upside momentum prevailed in the market on Friday, thus sending the US Dollar to gained 102 base points against the Canadian Dollar. This gains, however, was limited by the 38.20% Fibonacci retracement level. This retracement can be measured by connecting the July high at 1.3290 and the low at 1.2964.
Along the way, the currency pair breached a strong resistance level set by the combination of the weekly and the monthly PPs near the 1.3093 mark.
On the larger time-frame, technical indicators flash a strong buy signal. However, it is likely that the USD/USD currency exchange rate makes a brief retracement down within this trading session.
Along the way, the currency pair breached a strong resistance level set by the combination of the weekly and the monthly PPs near the 1.3093 mark.
On the larger time-frame, technical indicators flash a strong buy signal. However, it is likely that the USD/USD currency exchange rate makes a brief retracement down within this trading session.
Comment:
After hitting the 38.20% Fibonacci retracement level, the US Dollar began to decline against the Canadian Dollar. As a result, the currency pair breached both the 55- and the 100-hour SMAs.
By the middle of the European trading session on Tuesday, the exchange rate has tested a support cluster formed by the combination of the weekly, the monthly, and the 61.80% Fibonacci level. This retracement can be measured by connecting the low at 1.2964 and the July high at 1.3290.
Everything being equal, it is likely that the USD/CAD currency exchange rate continue moving down for a potential target at 1.3049 during the following trading session.
By the middle of the European trading session on Tuesday, the exchange rate has tested a support cluster formed by the combination of the weekly, the monthly, and the 61.80% Fibonacci level. This retracement can be measured by connecting the low at 1.2964 and the July high at 1.3290.
Everything being equal, it is likely that the USD/CAD currency exchange rate continue moving down for a potential target at 1.3049 during the following trading session.
Comment:
Downside risks dominated the US Dollar against the Canadian Dollar on Tuesday, as the exchange rate ended the trading session with 97 base points decline. The price also broke out through the lower boundary of an ascending channel.
After reaching near a support level set by the 200-hour simple moving average, the currency pair pullback and gradually moving towards a resistance cluster at the 1.3096 regions.
Technical Indicators on the weekly time-frame suggest that the bullish sentiment could continue within this session. Therefore, bulls are likely to target the 50.00% Fibonacci retracement level today.
After reaching near a support level set by the 200-hour simple moving average, the currency pair pullback and gradually moving towards a resistance cluster at the 1.3096 regions.
Technical Indicators on the weekly time-frame suggest that the bullish sentiment could continue within this session. Therefore, bulls are likely to target the 50.00% Fibonacci retracement level today.
Comment:
The USD/CAD currency pair has made no significant advances during the previous trading session, as the 38.20% Fibonacci retracement level restricted any attempts made by bulls to move above the 1.3180 mark.
Bears managed to take control of the pair during the early hours of Friday’s trading session. By the middle of the day, the exchange rate has tested the 55-hour simple moving average at 1.3127.
Given that the currency exchange rate has breached the 55-hour SMA, the next target for the bearish momentum could be a support cluster formed by the weekly and the monthly PPs near the 1.30mark.
Bears managed to take control of the pair during the early hours of Friday’s trading session. By the middle of the day, the exchange rate has tested the 55-hour simple moving average at 1.3127.
Given that the currency exchange rate has breached the 55-hour SMA, the next target for the bearish momentum could be a support cluster formed by the weekly and the monthly PPs near the 1.30mark.
Comment:
The US Dollar weakened against the Canadian Dollar, following the Canadian Consumer Price Index release on. The USD/CAD currency pair lost 106 pips or 0.81%. The data release had a significant impact on the currency pair after which the candles continue decreasing to the 1.3010 area.
The Statistics Canada released Canadian Consumer Price Index data that came out better-than-expected at 0.5% to the forecast of 0.1%. The actual data gives a good sign for the Canadian currency. Consumer prices account for a majority of overall inflation which means that rising prices lead the central bank to raise interest rates.
By and large, is likely the pair makes a brief move towards the 61.80% Fibo today.
The Statistics Canada released Canadian Consumer Price Index data that came out better-than-expected at 0.5% to the forecast of 0.1%. The actual data gives a good sign for the Canadian currency. Consumer prices account for a majority of overall inflation which means that rising prices lead the central bank to raise interest rates.
By and large, is likely the pair makes a brief move towards the 61.80% Fibo today.
Comment:
As expected, the US Dollar made a brief retracement towards the 61.80% Fibonacci retracement level on Monday. However, after hitting the 61.80% Fibo at 1.3089, the currency pair pulled back.
By the middle of the European trading session on Tuesday, the USD/CAD exchange rate has revealed a new junior descending channel pattern, as can be observed on the 1H chart.
Everything being equal, it is likely that the currency exchange rate continues moving south during the following trading session until it breached a support level formed by the weekly pivot point near the 1.3018 mark.
By the middle of the European trading session on Tuesday, the USD/CAD exchange rate has revealed a new junior descending channel pattern, as can be observed on the 1H chart.
Everything being equal, it is likely that the currency exchange rate continues moving south during the following trading session until it breached a support level formed by the weekly pivot point near the 1.3018 mark.
Comment:
Bearish momentum prevailed in the market on Wednesday, thus pushing the US Dollar lower to a two-week low against the Canadian Dollar. The currency pair reached the bottom border of a descending channel during the end of yesterday session.
By the beginning of the European trading session on Thursday, the exchange rate was stranded between SMAs. The 55-hour simple moving average was providing support, while the 100-hour moving average was giving resistance.
Everything being equal, a southern breakout could be expected within this session. Meanwhile, technical indicators on the daily time-frame demonstrate that bears are likely to grow stronger during the following trading session.
By the beginning of the European trading session on Thursday, the exchange rate was stranded between SMAs. The 55-hour simple moving average was providing support, while the 100-hour moving average was giving resistance.
Everything being equal, a southern breakout could be expected within this session. Meanwhile, technical indicators on the daily time-frame demonstrate that bears are likely to grow stronger during the following trading session.
It seems like bulls could continue its advances as the 55-,100-, and 200-hour simple moving average are presently located below the price. Moreover, the pair is located near the 61.80% Fibonacci retracement level.
Traders should look for opportunities to trade if the 61.80% Fibonacci resistance level holds, or if the currency exchange rate breached the aforementioned Fibonacci retracement level within this session.