Zoomed out our chart on the 1D TF. We see that the global trend for USD CAD is moving upwards.
We see a morning star pattern, followed by 3 Green soldiers – indicating 3 days of consecutive growth.
A break of the 23.6 Fibo level to the upside, will give us target areas of 1.31885 which is our 38.2 Fibo followed by 1.32351 50% Fibo correction.
A move to the downside, we want to watch closely our global trend line, we could move down as far as the area of 1.29500. This is a STRONG area of SUPPORT and if we break this line down could very much give us a signal of a change in trend direction.
As a result, long positions look more favorable, ideally after the break of our 23.6 Fibo level up, with our 38.2 and 50% Fibo levels of retracement for target areas.
A movement down, need to pay close attention to the area of 1.29500, which is a strong level of SUPPORT.
FUNDAMENTALLY:
CANADA:
Today, on Tuesday the 9th of July, Canada released mixed signals. Although Housing starts increased and the fact was even better than the forecast, the Building Permits dropped significantly. This is the lowest reading that Canadas Building Permits has seen since January of 2016.
Tomorrow, Bank of Canada will make a decision about the interest rate policy.
USA:
Today, the JOLTs Job Opening report came in at worse than expected figures.
Tomorrow, will be the most anticipated day of release for the United States, as the FED Chair Powell is to testify on the economic outlook and monetary policy.
We also recommend to pay attention to the US inflation (CPI and PPI). CPI is released on Thursday and PPI on Friday.
We see a morning star pattern, followed by 3 Green soldiers – indicating 3 days of consecutive growth.
A break of the 23.6 Fibo level to the upside, will give us target areas of 1.31885 which is our 38.2 Fibo followed by 1.32351 50% Fibo correction.
A move to the downside, we want to watch closely our global trend line, we could move down as far as the area of 1.29500. This is a STRONG area of SUPPORT and if we break this line down could very much give us a signal of a change in trend direction.
As a result, long positions look more favorable, ideally after the break of our 23.6 Fibo level up, with our 38.2 and 50% Fibo levels of retracement for target areas.
A movement down, need to pay close attention to the area of 1.29500, which is a strong level of SUPPORT.
FUNDAMENTALLY:
CANADA:
Today, on Tuesday the 9th of July, Canada released mixed signals. Although Housing starts increased and the fact was even better than the forecast, the Building Permits dropped significantly. This is the lowest reading that Canadas Building Permits has seen since January of 2016.
Tomorrow, Bank of Canada will make a decision about the interest rate policy.
USA:
Today, the JOLTs Job Opening report came in at worse than expected figures.
Tomorrow, will be the most anticipated day of release for the United States, as the FED Chair Powell is to testify on the economic outlook and monetary policy.
We also recommend to pay attention to the US inflation (CPI and PPI). CPI is released on Thursday and PPI on Friday.