Daily Market Analysis by Exness - USD/CAD

03.09.2014 9:09 USDCAD
The Loonie is consolidating before the meeting of the Bank of Canada

Buy on rebound from 1.0880 level with 1.0940 target. Stop loss = 1.0830.

Reason for the trading strategy.

Today at 2:00 PM GMT, the decision by the Bank of Canada on the key interest rate in the country will be published. It is expected that the rate will remain unchanged at a level of 1.00%. Taking into account the overpurchased USDCAD pair, opening new long positions should be considered from a support level of 1.0879.

USDCAD, H4

11.09.2014 10:10 USDCAD
USDCAD: consolidation before the publication of the house price index in Canada

Buy on rebound from 1.0933 level with 1.1031 target. Stop loss = 1.0870.

Reason for the trading strategy.

Today at 12.30 GMT, the house price index for Canada will be published. In May, this figure is expected to grow by 0.2% (m/m), which may provide some support to the “Loonie” cross rates. From a technical point of view, a likely testing of the 1.0933 support level by the USDCAD pair should be used to open long positions.

USDCAD, H4

10.10.2014 9:09 USDCAD
USDCAD: consolidation before the publication of statistics on Canada’s labor market

Buy on a level breakthrough of 1.1200 with 1.1260 target. Stop loss = 1.1150.

Reason for the trading strategy.

The falling prices for WTI crude oil to $ 84, today, will put pressure on the Canadian currency.
Meanwhile, the hope for a less intensive weakening of the loonie ensures the expectations of Canada’s employment growth by 18.7 thousand persons in September.

USDCAD, H4

15.10.2014 9:09 USDCAD
USDCAD: growth against the background of falling oil prices

Buy on rebound from 1.1272 level with 1.1384 target. Stop loss = 1.1220.

Reason for the trading strategy

These days, the Looney is having a hard time against the background of the falling WTI oil prices. Nevertheless, given the significant overbought condition of the USDCAD pair, opening new long positions can be considered above the 1.1272 support level.

USDCAD, H4

28.10.2014 9:09 USDCAD
USDCAD: consolidation above the 1.1200 support level

Sell on a level breakthrough of 1.1194 with 1.1078 target. Stop loss = 1.1250.

Reason for the trading strategy

Over the last week, the Loonie continued to trade in a narrow range, consolidating just above the support level of 1.1200. The low prices for WTI crude oil do not allow the Canadian dollar to develop an offensive against its US counterpart. From a technical point of view, the breakdown of 1.1200 support will serve as a signal to close long positions in the US dollar.

USDCAD, H4

29.10.2014 10:10 USDCAD
USDCAD: under pressure amid rising prices for WTI

Sell on a level breakthrough of 1.1148 with 1.1078 target. Stop loss = 1.1200.

Reason for the trading strategy

The rising prices for WTI crude oil from 79,20 to 81.70 dollars per barrel still allowed the Loonie seize the initiative from the US dollar. From a technical point of view, the breakdown of 1.1148 support will signal the opening of the regular short positions in the world’s reserve currency.

USDCAD, H4

21.11.2014 9:09 USDCAD
USDCAD: consolidation before the publication of the consumer price index in Canada

Buy on a level breakthrough of 1.1367 with 1.1467 target. Stop loss = 1.1300.

Reason for the trading strategy

The price rise for WTI crude oil to $76 a barrel raised the expectations of buyers of the Canadian currency. Today, attention should be paid to the publication of the Consumer Price Index in Canada. In the case this figure declines, the USDCAD pair may again resume its growth.

USDCAD, H4

26.11.2014 7:07 USDCAD
The Loonie is trying to strengthen before tomorrow’s OPEC meeting

Sell on level breakthrough of 1.1231 with 1.1190 and 1.1122 targets. Stop loss = 1.1280.

Reason for the trading strategy

Before tomorrow’s OPEC meeting, the Canadian dollar is still attempting to strengthen against the US dollar. In addition to a possible increase in oil prices, factors such as increased inflationary pressure and a high level of retail sales in Canada support the demand for the Loonie.

USDCAD, H4

27.11.2014 7:07 AUDUSD
AUDUSD: growth against the background of increased capital expenditure in the private sector in Australia

Buy on a level breakthrough of 0.8601 with 0.8698 target. Stop loss = 0.8550.

Reason for the trading strategy

The volume of capital expenditure in Australia’s private sector in Q3 2014 increased by 0.2% (q/q), with a forecast of minus 1.9% (q/q). This indicator’s growth will contribute to an acceleration in the pace of GDP growth in Australia.

AUDUSD, H4

27.11.2014 8:08 USDCAD
USDCAD: consolidation higher than 1.1225 support level

Sell on rebound from 1.1225 level with 1.1122 target. Stop loss = 1.1280.

Reason for the trading strategy

At today’s meeting, the OPEC countries may agree to reduce the daily oil production by 0.5 -1.0 million barrels, which will boost the value of black gold to 85-90 dollars. As part of these expectations, we expect the Canadian dollar to strengthen against the US dollar.

USDCAD, H4

02.12.2014 8:08 USDCAD
USDCAD: under pressure against the background of a recovery in oil prices

Sell on level breakthrough of 1.1311 with 1.1200 and 1.1122 targets. Stop loss = 1.1380.

Reason for the trading strategy

The rising prices for WTI crude oil from 64.0 to 68.5 dollars per barrel have supported the Loonie. Meanwhile, there is no need to talk about a sustainable recovery in oil prices yet. However, in winter, the demand for fuel is likely to increase and, consequently, for the currencies of commodity exporters.

USDCAD, Daily