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| USDCAD Discuss market action in the US Dollar versus the Canadian Dollar. |
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| USDCAD Discuss market action in the US Dollar versus the Canadian Dollar. |
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07-01-2009, 09:36 AM
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USD CAD Support & Resistance lines
The way my chart looks on daily chart, the price is currently between long term support and resistance lines.
If it breaks the resistance at 1.1653 and closes above that today, I believe it will be going up. If it can't break the upward resistance and closes below the support line, it will be hitting the long term support line started on 11/06/2007. Any thoughts ?? Attached 2 charts. Both are same but one is with a closer look. 
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07-20-2009, 06:43 AM
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That suggest a further fall in the USD/CAD. Looking at the intermarket relationship to crude oil supports this because crude oil is rising @present. I have posted my present USD/CAD position taken @17:30 EDT in the thread Moving Averages in a trading strategy
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07-20-2009, 08:38 AM
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The USD/CAD has hit it's S&R level @present.
You can tell by looking @naked price action on the 30 minutes chart. It is the area between 1.1040 and 1.1026 with 1.1036 being the primary point of resistance.
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07-20-2009, 12:28 PM
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When you look at the intermarket relationship with crude oil, USD/CAD & CAD/JPY pairs you will find that the USD/CAD & CAD/JPY pairs have moved the exact same amount of pips in it's opposite direction while crude oil has been falling since NY open.
The CCI reading in the USD/CAD pair and Crude Oil are identical in it's opposite direction eg. USD/CAD is rising and Crude Oil is falling. That indicates that there has been volume moved into the USD/CAD pair in order to hedge against a falling crude oil price which caused the USD/CAD pair to move up from it's 1.1026 - 1.1036 S&R level temporarly. The point I am trying to bring across here is...that it is not sufficient to look at S&R levels alone. If you [wish to] trade USD/CAD you need to keep an eye on Crude Oil price action and volume movements into the USD/CAD pair. Last edited by cas; 07-20-2009 at 12:35 PM.
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07-20-2009, 12:42 PM
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07-24-2009, 05:24 PM
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USD/CAD nearing the lows made back in very early June. I can just see everyone try to buy a bottom right here. Maybe watching to see if oil can push through 70 and continue moving higher to the 75-80 range for a break of the low. CAD economic calendar is light next week, with only significant event I see being GDP release on July 31, so possible holding patter until then.
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07-24-2009, 09:33 PM
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07-25-2009, 09:08 AM
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Crude oil futures @74.20 is a very important point because that's when index funds algorithm kick in made visible through volume shifts USDCAD<->Crude Oil futures. Volume shifts=price action in USDCAD pair! Time cycle starts coming sunday/monday when asia opens. Best to put USDCAD and Crude Oil future charts side by side and keep your eyes open  .
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07-27-2009, 12:44 PM
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USD/CAD has rectraced all the way back to support at 1.08 from it's high of 1.1650 area, whereas oil is still $3-4 away from the highs from mid-June. Further increase in oil could give it an extra kick in the... Also, the increase in buyers at this point seems to be coming to fruition. SSI data on DailyFX increased from 2.5 last week to 3.3 today showing increase in long positions. I'm still more biased towards short.
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07-28-2009, 02:22 PM
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 My short bias may have a hard time dealing with the 1.08 level.
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