USDCAD Technical Update USDCAD has broken below the recent consolidation range and ascending trend line – which forms part of a triangle pattern – as risk appetite has improved somewhat. Price has now found support near the 1.00 parity level and the action around this key area could be key for the upcoming “Loonie” directional…
Author Archives: terryjones
USDCAD Trend Line Update – 17/1/2012
The previous USDCAD update post referred to the consolidation that this pair has seen of late and potential for a breakout. As a quick update we are posting the chart from today which now has the third touch of the ascending trend line. We will be monitoring this currency pair closely over the coming trading…
USD/CAD Price Pivot Level 27/10/11
USD/CAD Price Pivot – Chart Of The day The USD/CAD daily/weekly charts as shown below have a clear price pivot around 1.0033. This level has been respected recently and USD/CAD parity is a major level on the higher timeframe charts if referencing historical data. There has been a massive reaction to the agreement reached in…
Canadian Dollar Stronger As Crude And Global Equities Gain 16/10/11
Canadian Dollar Strength Resumes After September Decrease Crude oil has experienced an increase in price as sentiment prevailed that euro-zone politicians might be able to take care of the sovereign debt crisis. Crude short covering was seen following the strong bearish price action after the recent worries of an impending global recession that seems to…
USD/CAD AT Significant Resistance Area 27/9/11 Analysis
US Dollar/Canadian Dollar Technical Update The USD/CAD currency pair has mounted a remarkable recovery after placing multi-year lows in April. The potential is still there for further increases, even though the pair has seen little in the way of a retrace; the longer-term charts show we are still very close to major support. A technical…
Canadian Dollar Analysis WC 12/9/11
USD/CAD Analysis Canadian Dollar Sentiment Overview The Canadian dollar experienced the largest decline in recent weeks versus the U.S dollar, as the Canadian economy lost jobs, and payrolls in Canada dropped by net 5,500 jobs with the unemployment rate up at 7.3 percent . We have now seen the USD/CAD currency pair hit parity today (Monday…
USD/CAD Pennant Pattern Forming 23/8/11
The Loonie currency pair is consolidating below parity after a rejection from 1.0009 on the 9/8/11. The corrective move lower has been short lived to date and a pennant pattern is now forming. There is also a double inside day/inside bar pattern prior to today and a range breakout could see increased volatility for US/Canadian…
Double Top Price Projection Target Hit 8/8/11 Update
Double top price pattern target hit The intra-day double top I posted earlier today, and tweeted in real time before the trade triggered, has run to the projected price target area. This was easy to identify as a high probability setup due to the confluence with higher timeframe resistance. There was minimal drawdown and a…
US/Canadian Dollar Closes Below 0.9500
Canadian Dollar Continues To Gain The Canadian dollar has risen again this week, reaching the highest level versus the greenback in over three years. Market speculators interpreted the B.O.C (Bank of Canada) statement as a clue that the central bank could be more aggressive with rate hikes. However, after a consolidation period close to…
Canadian Dollar Underperforms But Stronger Than US Dollar
Update 14/1/2012. Please see this recent USDCAD post which covers the current price action. Canadian dollar continues to rise against a falling greenback as rising oil prices prevail. The US dollar continues sliding to 3+ year lows vs the Canadian dollar. The two currencies are closely intertwined but even the rising price of oil hasn’t…
USDCAD Multi Year Lows
USDCAD Weekly Chart Review USD/CAD has laid down a fresh multi year low at 0.9453 prior to rebounding back higher up to the 0.9500 round number level and forming a bullish hammer. The aforementioned price action comes inside the background of the solid downtrend expanding back up to the October 2010 highs. I would…
USDCAD Weekly Chart Analysis 26_02_11
The USDCAD forex currency pair has declined this past week. My USDCAD analysis highlighted the bearish outlook of this currency. I still see further downside potential and will look to sell any rally if the price action is suitable for pulling the trigger. A pullback to parity would be an ideal selling scenario with the…
USD/CAD fails to move above parity all week
USD/CAD bearish outlook A failure to move above parity all week and a close near the bottom of the weekly trading range gives the Canadian Dollar a distinctly bearish look going into next week from a technical perspective. The previous week was a bearish engulfing bar and we now have an “inside weeks” trading within…