USD/CAD just broke below the neckline of the head and shoulders chart pattern on its 1-hour time frame, suggesting that the recent uptrend may be over. The pair could still make a quick retest of the broken support area at 1.0300 before resuming its drop. How low can it go?
I am new and still an amateur but as i look at charts pairing the USD, i find that there was a huge shift on many charts (cad, jpy, euro, aus,…)all happening at the reaction to the major USD indicies (sp, DJ,…) changes. They all bounced on recent jobs data being not as “bad” as expected.
I see general trends that seemed to do a step change…is this type of reaction to short term fundamentals enough to change a country’s general trend? Are these economic reports enough to shift a pair that dramatically? If the US market bounces back will the general trends commence?
The intraday is exactly as you say, but a bullish head and shoulder is formalizing on the weekly charts and these would be bad news for the Bovespa.
Who’s in for more Loonie strength? USD/CAD is consolidating on what looks like a bearish pennant on the 1-hour chart. A break below the 1.0150 psychological support could drag the pair all the way to parity. On the other hand, it could also break to the upside and reach its former highs near the 1.0300 handle. Which scenario do you think is more likely?
In my opinion, the most likely scenario is still the bullish one ( UsdCad up) also due to the price of oil that I think is going to fall.
The pair’s downtrend still seems to be intact as the falling channel on the 1-hour time frame is holding like a boss. The pair is currently near the top of the channel while stochastic is pointing down, hinting that USD/CAD might be headed south. If that’s the case, the pair could make its way to the bottom of the channel once more.
Despite a rise in the price of oil, the Loonie is not appreciated against the dollar. Bad news for the Cad.
Despite the few short terms bearish technicals, I think everybody can agree that the USDCAD will go up in the future. Target is at around 1.06 for Q1 2014. Some dovish comments by Bernanke tomorrow could bring the pair even lower than what it is now, but after the correction is completed (somewhere around 1.0050 and 1.02), we could see the pair going up to the 1.04-1.05 area. Actually it will be the 3rd wave (elliot waves) and it will thus be a more significant move than what we have seen between may 10th and may 30th (which was wave 1).
We are currently directly within the wave #5 of the primary uptrend that has been in place since septembre 2012.
The USDCAD WON’T reach 1.0000 anytime soon folks.
So wait for dovish comments by Bernanke and then BTFD (buy The f*cking dip).
The short term contraction has now officially ended. Time to go long USDCAD with target at 1.04 if you are conservative, and 1.05 if you are more greedy.
Understand that I am talking about a 1 to 2 months position
I absolutely agree with your view!
As Big Pippin mentioned in his post today, USD/CAD closed at a shooting star in yesterday’s trading. It also doesn’t hurt that the pair is now at a possible rising channel resistance and the 1.0500 major psychological handle and that Stochastic is on the overbought territory. A tight stop could probably work if you think that we’re about to see gains for the Loonie.
well, someone here noticed well too on USDCAD. Nice one!! 
Yep, as we know even on weekly chart, they already at the peak.
and today almost forecast news from us pointed negative value. We will see today to confirm will start to goin down or a week just for sideway or even retrace to start goin up again…
But i already on short position 
Hope we all get the best on this pair
I am short after the shooting star on the daily…let’s see how it goes. What time-frame is that inverse H&S?
I think it still has some room to grow though. It is not going to contract under 1.0420. Watch out for the Canadian GDP for the month of April that is coming out on friday. Almost all canadian economic figures have been bad for april thus far so I am expecting a low GDP. Thus I think the current contraction will end this friday and then I am seeing the pair to go up to around 1.0580 before contracting again.
But I am currently not taking any position though since the pair has increased so quickly and its tough to stay long at that point. I rather short EURUSD these days
I just think that the bullish break for UsdCad at this point is definitive.
Boy, oh boy, does USD/CAD love its ranges! The pair is moving sideways again, as it found support near 1.0450 and resistance at 1.0550. The pair just fell after testing the 1.0550 area and appears ready to test the bottom of the range again. Make sure you watch stochastic if you plan to play this range!
Why is the WTI close to 100, but the Loonie is not reacting and is still above 1.05? It will be interesting to know who between the two ones is not telling the truth…
