On the daily chart of the USDCAD we can see that after the bounce from the 1.2884 level, the pair reaches the 200 day EMA around the 1.2960 level. The moving average may act as a resistance, but a breakout of the 1.2960 level may form a double bottom pattern at the 1.2884 level. However, the confirmation line of the possible double bottom is at the 1.3200 level, which is relatively far away. Therefore, a visit to the 1.3200 level could take a few weeks. Below the 1.2884 level, its next support could be at the 1.2800 level.
The USDCAD rallies to the 55 day EMA at the 1.3036 level where it leaves behind a long-legged doji formation on the daily chart, indicating indecision, but volatility. To the upside, the 1.3200 level may act as resistance and to the downside, the 200 day EMA at the 1.2964 level may act as support.
USDCAD started the week on a positive note, yesterday things went South, let’s see what the latest CAD data will bring in less than an hour.
Very good rally on the CAD, supported by the NAFTA 2 agreement. The USDCAD may find some support at the 1.2800 level, but if it continues dropping, it may fall to the 1.2728 level.
The USD regained the dominant position this week. Strange how the Canadian dollar is still rallying against other currencies. Tough market lately.
Immediate res is seen at 1.30, above it I think bulls will aim for 1.3130.
The USDCAD rallies above its 55 day EMA at the 1.2997 level and comes very close to the 1.3081 level, which could act as resistance. To the downside, the same 55 day EMA at the 1.2997 level may act as support.
It’s looking bullish. If next week we see 1.3120 I’m considering going short on the pair.
Seems to have consolidated around the 1.30 area. I don’t think there will be anything major happening to this pair soon.
The USD/CAD pair went to a high of 1.3116 on negative CAD data. Very close to my short entry at 1.3130. Let’s see if it will get there.
USDCAD broke the resistance at 1.3120. I think bulls will try to bring the pair up to 1.3230 and form a double top there.
The USDCAD is above immediate resistance. 1.3225 is a good short entry level if reached.
The USDCAD is still stuck around the 1.3100 level, but it could go back to its bullish trend in the short term. To the upside, the 1.3200 level could act as resistance and to the downside, the 1.3000 level could act as support.
Not much has happened lately to the pair. I’m neutral to positive on the pair.
Good selling point at 1.3260.
The pair is trying to correct, I’m still bearish, tho. I hope it reaches 1.30.
I got squished. I decided to blame the algos!
This forum let the people know about the market positions od the currencies letting the people know the ups and downs of the market of CAD and USD, so it will guide the people in forex and let them know when to invest and when not. Thanks for sharing the market survey of both currencies.
1.3390 seems to me like a good short entry.
It’s getting closer to the resistance level at 1.3390. Possibly, bears will try to bring it down.